January 28, 2021 (Global News Distribution) -
This report provides strategists, marketers and senior management with the critical information they need to assess the global personal services market as it emerges from the COVID-19 shut down.
The global personal services market is expected to grow from $982.66 billion in 2020 to $1057.18 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1411.2 billion in 2025 at a CAGR of 7%.
- Services Corporation International
- Sears Holdings
- Best Buy
- Regis Corporation
- Weight Watchers International Inc
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Asia Pacific was the largest region in the global personal services market, accounting for 38% of the market in 2020. North America was the second largest region accounting for 29% of the global personal services market. Africa was the smallest region in the global personal services market.
Personal care service companies such as beauty salons, 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 haircut, styling, makeup, massage and others at the customer’s premise. For instance, Lisa, an online platform offers haircuts, massage, manicures and others at home upon making prior booking.
Coronavirus Pandemic – The outbreak of Coronavirus 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 ‘lock down’ and the outbreak is expected to continue to have 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.
Faster Economic Growth – The personal services market’s growth is expected to be aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 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 the developed markets in the forecast period. For instance, India’s GDP is expected to grow at 7.3%, whereas China is forecasted to register GDP growth of 6.2% in 2019. Stable economic growth is expected to increase disposable incomes, driving the demand for personal services.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Personal Services Market Characteristics
4. Personal Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Personal Services Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Personal Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Personal Services Market Trends and Strategies
8. Impact of COVID-19 on Personal Services
9. Personal Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)
10. Personal Services Market Regional Analysis
11. Personal Services Market Segmentation
12. Personal Services Market Segments
13. Personal Services Market Metrics
For more information about this report visit https://www.researchandmarkets.com/r/63oj53
Laura Wood, Senior Press Manager
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