Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Personal Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global personal services market expanded from $1.15 trillion in 2022 to $1.24 trillion in 2023, exhibiting a Compound Annual Growth Rate (CAGR) of 7.8%. The market is projected to continue growing to reach $1.63 trillion by 2027, with a forecasted CAGR of 7.1%.
Economic Outlook as a Growth Driver
The personal services market is poised for growth, largely attributed to stable economic conditions in both developed and developing nations. With a projected global real GDP growth of 3.6% from 2021 to 2023, economies are on a recovery trajectory. The rise in commodity prices following a historic downturn is anticipated to contribute to market expansion. Developed economies are expected to maintain stable growth, while emerging markets are anticipated to outpace developed markets, bolstered by factors such as India's GDP growth.
Steady Economic Growth and Disposable Income
Stable economic growth directly impacts disposable incomes, leading to an increased demand for personal services. A case in point is India, where the GDP grew from $2667.69 billion in 2020 to $3173.40 billion in 2021, signifying the link between economic expansion and demand for personal services.
Online Platforms Transforming Personal Care Services
Personal care service providers, including beauty salons and spas, are adopting online platforms to reach customers. These platforms facilitate easy appointment bookings for services such as haircuts, styling, makeup, and massages at the customer's location. Notable examples include Lisa, Glamsquad, Urbanclap, Luxit, and Glamazon, all offering a range of personalized beauty services through online channels.
COVID-19 Impact and Recovery
The outbreak of COVID-19 had a significant adverse impact on the personal services market, as lockdowns led to reduced demand for these services. The pandemic's effects were felt globally, resulting in economic contraction and decreased business activity. However, this setback is expected to be temporary, as the personal services market is anticipated to rebound during the forecast period, driven by its status as a 'black swan event' rather than a reflection of ongoing market weaknesses.
Geographical Insights
- Asia-Pacific: In 2022, Asia-Pacific held the largest share in the personal services market. Factors such as economic growth and rising disposable incomes contributed to the region's dominance.
- North America: North America followed closely as the second-largest market. The region's mature economy and consumer spending power played a role in its market size.
- Global Coverage: The personal services market spans regions including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Key Market Players
Major players 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, and CSC Serviceworks Holdings Inc. These companies contribute to the industry's growth through their diverse offerings and strategic initiatives.
The future of the personal services market is set to be driven by economic stability, the continued integration of online platforms, and the industry's resilience in overcoming challenges such as the COVID-19 pandemic.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $1.24 Trillion |
| Forecasted Market Value (USD) by 2027 | $1.63 Trillion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Report Structure
3. Personal Services Market Characteristics
4. Personal Services Market Product Analysis
5. Personal Services Market Supply Chain
6. Personal Services Market Customer Information
7. Personal Services Market Trends and Strategies
8. Personal Services Market Macro Economic Scenario
9. Personal Services Market Size and Growth
10. Personal Services Market Regional Analysis
11. Personal Services Market Segmentation
12. Personal Services Market Segments
13. Personal Services Market Metrics
14. Asia-Pacific Personal Services Market
15. Western Europe Personal Services Market
16. Eastern Europe Personal Services Market
17. North America Personal Services Market
18. South America Personal Services Market
19. Middle East Personal Services Market
20. Africa Personal Services Market
21. Personal Services Market Competitive Landscape
22. Key Mergers and Acquisitions in the Personal Services Market
23. Market Background: Services Market
24. Recommendations
25. Appendix
A selection of companies mentioned in this report includes:
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/j2uh4w
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