Profit has grown due to increased demand of industry services from job seekers.
New York, NY (PRWEB) July 15, 2014
The Visual Arts Schools industry is teeming with creative designs in areas including ceramics, crafts, drawing, graphic design, painting, photography, printmaking and sculpture. Rising consumer confidence and per capita disposable income have boosted industry growth over the five years to 2014. This has also led to increased demand for visual arts training as a leisure activity. However, mounting demand for career training programs and certificates from the unemployed or underemployed have kept operators challenged to redefine their course offerings as the economy continues to recover. According to IBISWorld Industry Analyst Sally Leman, “Industry revenue is expected to increase at an average annual rate of 1.7% to $320.4 million over the five years to 2014.”
With consumers returning to their prerecession spending habits since 2010, revenue is estimated to increase by 0.6% in 2014.
With a high rate of unemployment at the start of the period, some job seekers turned toward pursuing a certificate in the visual arts to help make ends meet through the economic downturn. As a result, the number of industry establishments has increased over the past five years at an average annual rate of 2.7% to 900. Low barriers to entry and a stable customer base have contributed to this increase as well. Profit margins have also been on the rise and are expected to increase in 2014. “Although profit levels have not yet surpassed prerecession levels, profit has grown due to increased demand of industry services from job seekers and more efficient management of expenses,” says Leman.
In the five years to 2019, the Visual Arts Schools industry is forecast to exhibit more steady growth. Per capita disposable income and consumer confidence will increase as the economy continues to strengthen, providing consumers with more discretionary income for industry services. Additionally, as a renewed interest in visual arts emerges, demand for visual arts schools will increase as consumers increasingly look to embrace their creative side. This will be evident specifically for services catering to graphic design and those in the baby boomer generation (those born between 1946 and 1964). Revenue is expected to increase over the period.
For more information, visit IBISWorld’s Visual Arts Schools in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in the Visual Arts Schools industry primarily offer job, career vocational or technical courses in the visual arts. Visual arts include ceramics, drawing, painting, sculpture, printmaking, graphic design, crafts and photography. The curriculum offered by these schools is highly structured, specialized and leads to job-specific certification. Establishments in this industry are exempt from federal income tax. Online-only schools 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
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