Press release
Evolving Market Trends In The Personal Services Industry: Revolutionizing Beauty Services With Online Platforms For Personal Care
Personal Services
What Is the Expected Personal Services Market Size During the Forecast Period?
The personal services market has experienced significant growth in recent years, with expectations to increase from $1264.18 billion in 2024 to $1378.03 billion in 2025, reflecting a CAGR of 9.0%. This growth can be attributed to shifts in lifestyles, an aging population, rising health and wellness trends, increased disposable income, and urbanization.
The personal services market is anticipated to see strong growth, projected to reach $1893.85 billion by 2029 at a CAGR of 8.3%. Key growth drivers include technological advancements, environmental consciousness, increased social focus, and cultural service development. Dominant trends involve digital service models, subscription offerings, virtual experiences, and online commerce strategies.
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What Are the High-Growth Segments in the Personal Services Market?
The personal services market covered in this report is segmented -
1) By Type: Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services
2) By Mode: Online, Offline
3) By Distribution Channel: Specialist Retail Stores, Super markets/Hyper markets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Other Distribution Channels
Subsegments:
1) By Personal Care Services: Hair Care, Skin Care, Nail Care, Spa And Massage Services, Other Personal Care Services
2) By Death Care Services: Funeral Homes And Funeral Services, Cemeteries And Crematories, Other Death Care Services
3) By Dry-Cleaning And Laundry Services: Dry-Cleaning Services, Coin-Operated Laundromats, Industrial Laundries, Other Laundry Services
4) By Other Personal Services: Pet Care Services, Wedding Services, Event Planning Services, Personal Coaching And Counseling, Other Miscellaneous Personal Services
5) By Private Household Services: Home Cleaning Services, Childcare Services, Elderly Care Services, Other Household Support Services
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What Key Drivers Are Expected to Influence Future Personal Services Market Growth?
The personal services market is seeing growth supported by consistent global economic expansion. The IMF reported a 3.6% increase in global real GDP from 2021 to 2023, supported by a rebound in commodity prices. Developed nations are forecasted to maintain stable growth, while emerging economies are expected to grow at a faster pace. For example, World Bank data shows India's GDP grew by 8.2% in 2023/2024, leading to increased disposable income and fueling demand for personal services.
Which Companies Hold the Largest Share Across Different Personal Services Market Segments?
Major companies operating in the personal services market include Service Corporation International, Elis SA, Fantastic Sams, Weight Watchers International Inc, Spotless Group Holdings Ltd, Tivity Health, Dignity plc, Regis Corporation, ProSiebenSat.1 Media SE, CSC Serviceworks Holdings Inc., Great Clips Inc., Sport Clips Haircuts, Supercuts Inc., Massage Envy Franchising LLC, European Wax Center Inc., Hand and Stone Massage and Facial Spa, Massage Heights Franchising LLC, Elements Massage, L A Fitness International LLC, 24 Hour Fitness Worldwide Inc., Anytime Fitness Inc, Gold's Gym International Inc, Planet Fitness Inc., CRUNCH Fitness International Inc, Orangetheory Fitness, SoulCycle Inc., Pure Barre, The Bar Method, CorePower Yoga LLC, Equinox Holdings Inc., Life Time Inc., PetSmart Inc., Rover Group, Inc., Wag Group Co, Chewy Inc., Petco Health and Wellness Company Inc., Banfield Pet Hospital, VCA Antech,Inc., Funeral Directors Life Insurance Co, Match Group Inc.
What Are the Latest Developing Trends in the Personal Services Market?
Personal care service companies, including beauty salons and spas, are increasingly offering their services through online platforms. These platforms allow customers to book appointments for services like haircuts, massages, and more at their convenience. For instance, Lisa, an online platform, offers home-based beauty services, with other platforms like Glamsquad and Urbanclap providing similar services.
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What Are the Emerging Geographies for The Personal Services Market Growth?
Asia-Pacific was the largest region in the personal services market in 2023. North America was the second-largest region in the personal services market. The regions covered in the personal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Personal Services Market?
2. What is the CAGR expected in the Personal Services Market?
3. What Are the Key Innovations Transforming the Personal Services Industry?
4. Which Region Is Leading the Personal Services Market?
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