Timeout: Climbing inflation and reduced discretionary spending are limiting growth
The industry's has fluctuated over the past few years. The industry has been growing over the long term, as tattoo and piercing services become more popular and online dating causes a surge in demand in the introduction agency services segment. However, the COVID-19 outbreak had mixed effects on personal service providers. Pandemic-related restrictions meant that many people had to work from home, while simultaneously supervising their children's schooling at home. These added pressures drove more parents to outsource tasks to babysitters, elevating profit margins and improving that segment's performance. Having more time at home also drove people to adopt pets, hiking up revenue from pet grooming services. These same movement restrictions constrained operations for providers in the tattooing and piercing and personal fitness training segments. Revenue is expected to drop at an annualised 0.1% to $3.2 billion over the five years through 2022-23, since some segments have suffered during the pandemic. This trend includes an anticipated drop of 3.7% in 2022-23, largely because a fall in household discretionary incomes that has led consumers to cut their spending.
Industry providers offer a range of services, including babysitting, civil marriage celebrants, personal fitness training and tattooing services. Industry firms provide services to consumers that are personal, and that are not included in any other industry.
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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Methodology
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