Personal Services Global Market Report 2022

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, ProSiebenSat.1 Media SE and CSC Serviceworks Holdings Inc.

The global personal services market is expected to grow from $1024.97 billion in 2021 to $1167.90 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. 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 $1721.52 billion in 2026 at a CAGR of 10.2%.

The personal services market consists of 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.

The main types of personal services are personal care services, death care services, dry-cleaning and laundry services, other personal services and private household services.Personal care services are hands-on services which help a person with essential daily chores that they are unable to do on their own.

The different modes include online, offline and is distributed through various channels such as specialist retail stores, supermarkets/hypermarkets, convenience stores, pharmacies/drug stores, online retail channels, others.

The personal services market’s growth is expected to be aided by 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 the developed markets in the forecast period. For instance, India’s GDP reached 7.3%, whereas China GDP growth reached 6.2% in 2019. Stable economic growth is expected to increase disposable incomes, driving the demand for personal services.

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 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, 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. Other such online personal care service platforms include Glamsquad, Urbanclap, Luxit and Glamazon.

Asia Pacific was the largest region in the personal services market in 2021.North America was the second-largest region in 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.