Personal Services Market Characteristics
The personal services market consists of the sales of personal services and related goods by entities (organizations, sole traders and partnerships) that provide personal and laundry services to individuals, households, and businesses. Services performed include: personal care services; death care services; laundry and dry-cleaning services; and a wide range of other personal services, such as pet care (except veterinary) services, photofinishing services, temporary parking services, and dating services.
Competitive Landscape of the Personal Services Market
Major players in the global personal services market include Service Corporation International, Sears Holdings, Best Buy, Regis Corporation, Weight Watchers International Inc., Medifast Inc., Fu Shou Yuan International Group.
Personal Services Market Size
The personal services market size is expected to reach $1.3 trillion by 2022, significantly growing at a CAGR of around 6% during the forecast period. The growth in the personal services market is due to rapid urbanization, rising disposable income, increasing pet population, higher female employment and changing customer lifestyles and preferences driving demand for more sophisticated personal services.
However, the market for personal services is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Personal Services Market Segmentation
The global personal services market is further segmented based on type and geography.
By Type - The personal services market is segmented into personal care services, personal goods repair and maintenance, dry-cleaning and laundry services, private households, death care services and other personal services, among these segments, the other personal services market accounts for the largest share in the global personal services market.
By Geography - The global personal services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific personal services market accounts the largest share in the global Personal services market.
Trends in the Personal Services Market
On-demand laundry services, surge in organic salons and technology to improve pet care services are the major trends witnessed in the global personal services market.
Potential Opportunities in the Personal Services Market
With increasing urban population, strong economic growth and rising disposable income in emerging markets, increasing awareness about personal care, growing pet population and changing consumer preferences, the scope and potential for the global personal services market is expected to significantly rise in the forecast period.