As the economy recovers, time-poor professionals will seek out industry services
Los Angeles, CA (PRWEB) April 20, 2012
Over the past decade, the Business Concierge Services industry has grown steadily. Business concierge companies handle everything from appointment management to running errands, making travel reservations and even arranging pet sitting. Once exclusively the domain of celebrities and affluent professionals, business concierge service companies have increasingly targeted private households and corporate employees to fulfill a variety of their household management tasks. However, says IBISWorld industry analyst Caitlin Moldvay, “With decreased disposable income and lower corporate profit during the recession, demand for business concierge services declined as businesses and consumers alike cut back on discretionary expenditures.” Consequently, over the past five years to 2012, industry revenue recorded only muted average annual growth of 0.3% to an estimated $220.3 million by 2012. During 2012, industry revenue is projected to experience an uptick, with revenue rising due to improving economic conditions. Though most of the industry is composed of small firms with a few employees, some companies, like VIPdesk, Ask Sunday, Circles and Red Butler, have managed to capture the largest individual shares of the market.
Over the five years to 2017, industry revenue is forecast to rise. The Business Concierge Services industry will benefit from improving per capita disposable income, particularly among households that earn more than $100,000, which is one of the industry's primary target markets. Furthermore, says Moldvay, “Business concierge services targeting seniors will likely be another key area of growth for the industry.” These senior care services generally encompass administrative assistance, errand and courier services, mail delivery and other household management service offerings. Demand for these services is expected to grow due to the gradual aging of the US population. By 2020, nearly 14 million people in the United States will be over the age of 85, which will generate significant demand for senior care services. For more information, visit IBISWorld’s Business Concierge Services report in the US industry page.
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IBISWorld industry Report Key Topics
Business concierges provide on-demand services for business executives, clients, employees and individuals. Companies offer a wide variety of services, including running errands, conducting grocery and personal shopping, making travel and restaurant reservations, and home management. Services may be provided in-person or remotely via telecommunications. Companies that function like brokers to match client requests with available freelance concierges are excluded from this industry.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.