Personal services refer to those agencies that provide physical day-to-day household and individual assistance services to people. Personal services are provided to eligible beneficiaries to help them stay in their own homes and communities rather than live in institutional settings, such as nursing homes.
The main types of personal services are personal care services, death care services, dry-cleaning, laundry services, other personal services, and private household services. Personal care services are hands-on services that help a person with essential daily chores that they are unable to do on their own. The different modes include online, and offline and are distributed through various channels such as specialty retail stores, supermarkets/hypermarkets, convenience stores, pharmacies/drug stores, online retail channels, and others.
The personal services market research report is one of a series of new reports from The Business Research Company 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 global personal services market grew from $1,150.72 billion in 2022 to $1,240.07 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The personal services market is expected to grow to $1,632.08 billion in 2027 at a CAGR of 7.1%.
The personal services market's growth is expected to be aided by a stable economic growth forecast in many developed and developing countries. According to the International Monetary Fund (IMF), the global real GDP growth reached 3.7% in 2019 and 2020 and is expected to reach 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, according to official data from the World Bank, the GDP of India increased to reach $3173.40 billion in 2021, compared to $2667.69 billion in 2020. Stable economic growth is expected to increase disposable incomes, driving the demand for personal services.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the personal services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lockdown' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the personal services market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Personal care service companies such as beauty salons, and spas are increasingly marketing their services through online platforms. These websites or applications allow customers to book appointments with beauticians who provide services such as haircuts, styling, makeup, massage, and others at the customer's premises. For instance, Lisa, an online platform offers haircuts, massages, manicures, and others at home upon making a prior booking. Other such online personal care service platforms include Glamsquad, Urbanclap, Luxit, and Glamazon.
Major companies 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, and ProSiebenSat.1 Media SE and CSC Serviceworks Holdings Inc.
Asia-Pacific was the largest region in the personal services market in 2022. North America was the second-largest region in the personal services market. The regions covered in the personal services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the personal services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
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 parlours, 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.
The global personal services market 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, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Other Distribution Channels
Subsegments Covered: Beauty Salons, Diet And Weight Reducing Centers, Spas & Massage Parlors, Other Personal Care Services, Funeral Homes And Funeral Services, Cemeteries And Crematories, Coin-Operated Laundries And Drycleaners, Dry-Cleaning And Laundry Services (except Coin-Operated), Linen And Uniform Supply, Pet Care (except Veterinary) Services, Photofinishing, Parking Lots And Garages, All Other Personal Services, In-house Workers, Outside Workers