IBISWorld Market Research
Time-poor, asset rich Australians have become more willing to have other people perform personal tasks for them.
Melbourne, Australia (PRWEB) January 13, 2014
Australians are growing more and more wealthy in terms of cash and assets, but increasingly time-poor. As a result, they have become more willing to have other people to perform tasks for them. The Babysitting and Other Personal Services industry in Australia has benefited substantially from this shift. According to IBISWorld industry analyst Anthony Kelly, “most of the businesses in this industry are very small in scale and have no paid employees - this is overwhelmingly the case for babysitters, marriage celebrants, tattooists and masseurs”. There are exceptions, such as Advanced Hair Studios and Ashley & Martin in the hair restoration segment, and RSVP and eHarmony in the introductory agencies segment.
Industry revenue is projected by IBISWorld to climb by an annualised 2.2% over the five years through 2013-14 to reach $1.0 billion, an increase of 2.0% on the previous year. “This moderate growth profile is supported by solid household income and consumption trends, and buoyant consumer sentiment as the economy emerged from the aftermath of the global financial crisis,” says Kelly. Household disposable income is projected to climb by an annualised 2.5% over the five years through 2013-14, and the consumer sentiment index also rose, pointing to solid demand for a wide array of personal services. In addition, the growth in the number of females in the Australian labour force by an annualised 2.1% over this period drove expansion in the demand for babysitting, massage and other personal services. The industry is characterised by a number of small, mainly non-employing, diversified businesses, so the overall concentration for this industry is low.
Some industry segments are performing better than others. For example, wedding celebrants have enjoyed consistent growth as the number of secular weddings in Australia rose. Likewise, the proliferation of internet dating websites has caused revenue to surge for the introductory services segment. Some segments, though, are subject to increased competition from other industries. For example, demand for babysitters has been affected by government policies that provide subsidies for parents to send their children to registered childcare centres. The Babysitting and Other Personal Services industry is expected to shake off a slow economic environment and bounce back strongly over the next five years.
For more information, visit IBISWorld’s Babysitting and Other Personal Services report in Australia industry page.
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IBISWorld industry Report Key Topics
The nature of services offered by companies in this industry is extremely diverse, ranging from babysitting to civil marriage celebrants, to tattooing and chauffeur services. Essentially, firms in the industry provide services to consumers that are personal in nature.
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