Good Fortune: Improving Economic Conditions are Expected to Boost Industry Revenue Growth
The Psychic Services industry has grown steadily due to improved economic conditions before the COVID-19 pandemic and consumer acceptance of psychic services. Over the past five years, rising disposable income levels have spurred demand for discretionary services such as psychic readings. Furthermore, a long-term shift in consumer perceptions has underpinned growth as mainstream consumers increasingly accept psychic services. Nevertheless, demand took a hit from the pandemic in 2020, reducing industry revenue. Overall, industry revenue is projected to rise an annualized 1.5% over the five years to 2023 to $2.3 billion, including a forecast of 1.0% growth in 2023 alone.
The Psychic Services industry includes establishments that offer psychic and fortune-telling services. Industry operators typically provide services in the areas of astrology, aura reading, mediumship, tarot card reading and palmistry, among other metaphysical services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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