Personal Services Global Market Report 2024

The personal services market size has grown strongly in recent years. It will grow from $1,271.06 billion in 2023 to $1,379.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed during the historical period can be attributed to several factors, including changing lifestyles, an aging population, the influence of health and wellness trends, increasing disposable income, and the ongoing process of urbanization. These elements have contributed to the expansion of personal services as individuals seek assistance with their day-to-day needs.

The personal services market size is expected to see strong growth in the next few years. It will grow to $1,891.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The projected growth in the forecast period can be attributed to various factors, including the ongoing digital transformation of personal services, a growing emphasis on environmental sustainability, increased focus on social engagement and well-being, and the provision of services that cater to cultural diversity. Notable trends in the forecast period encompass the expansion of digital transformation and the delivery of online services, the adoption of subscription and membership models, the offering of remote and virtual services, and the utilization of digital marketing and e-commerce to reach a wider audience.

The growth of the personal services market is expected to receive a boost from the stable economic growth forecasted in both developed and developing countries. As per the International Monetary Fund (IMF), there has been a global real GDP growth of 3.6% from 2021 to 2023. Additionally, the recovery of commodity prices, following a significant decline in recent history, is anticipated to contribute to market growth. Developed economies are also set to experience steady growth during the forecast period, with emerging markets projected to grow slightly faster than their developed counterparts. For instance, India's GDP increased to $3,173.40 billion in 2021 compared to $2,667.69 billion in 2020. This stable economic growth is expected to translate into higher disposable incomes, thereby driving the demand for personal services.

The primary categories of personal services include personal care services, death care services, dry-cleaning and laundry services, other personal services, and private household services. Personal care services involve hands-on assistance with essential daily tasks for individuals who may require help with such activities. These services can be provided through various modes, including online and offline, and may be distributed through different channels like specialty retail stores, supermarkets, convenience stores, pharmacies, online retail channels, and other avenues.

The personal services market research report is one of a series of new reports that provides personal services market statistics, including the personal services industry global market size, regional shares, competitors with a personal services market share, detailed personal services market segments, market trends and opportunities, and any further data you may need to thrive in the personal services industry. This personal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The personal services market is expected to benefit from the increasing awareness among individuals regarding personal care products. Personal care encompasses consumer products used for personal hygiene, grooming, self-care, and beautification. These products play a pivotal role in enhancing the quality of personal services, improving customer satisfaction, ensuring safety and hygiene, and offering opportunities for customization and education. For instance, in 2023, Cosmetics Europe reported that 500 million consumers use personal care products daily to enhance their well-being and safeguard their health. The personal care industry also contributes significantly to the European economy, amounting to approximately USD 31.23 billion (€29 billion) annually. Therefore, the growing awareness of personal care is a driving force behind the expansion of the personal services market.

The outbreak of COVID-19 had a significant adverse impact on the personal services market in 2020. The demand for services provided by these establishments saw a sharp decline due to the lockdowns imposed by governments worldwide. COVID-19, characterized by flu-like symptoms such as fever, cough, and breathing difficulties, spread globally after being first identified in Wuhan, China. Government measures to curb the virus's transmission resulted in reduced economic activity, with many countries implementing lockdowns. This outbreak had a detrimental effect on businesses throughout 2020 and into 2021. Nevertheless, it is expected that the personal services market will gradually recover from this shock over the forecast period. This decline is considered a 'black swan event' unrelated to underlying market weaknesses or fundamental issues within the global economy.

Personal care service providers, including beauty salons and spas, are increasingly using online platforms for marketing their services. These online platforms, which may be websites or applications, allow customers to schedule appointments with beauticians offering services such as haircuts, styling, makeup, massages, and more, right at the customer's location. For example, Lisa is an online platform that offers services like haircuts, massages, and manicures at the customer's home with advance booking. Other similar online platforms offering personal care services include Glamsquad, Urbanclap, Luxit, and Glamazon.

Major companies in the personal services sector are introducing innovative service options like Fly Cleaning services to gain a competitive edge in the market. Virgin Australia, for instance, launched Fly Cleaning, the world's first in-flight dry-cleaning service in April 2023. This service enables passengers to have their clothing cleaned while traveling, eliminating the need for post-trip laundry efforts and exemplifying Virgin Australia's commitment to passenger comfort and convenience.

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.

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.

The countries covered in the personal services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The personal services market consists of revenues earned by entities that provide personal services to individuals, households, and businesses such as beauty salons, diet and weight-reducing centers, spas & massage parlors, funeral homes, and funeral services, cemeteries and crematories, dry-cleaning and laundry services (except coin-operated), photofinishing, parking lots and garages. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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