Growing acceptance of psychic services among consumers has boosted industry revenue
New York, NY (PRWEB) September 10, 2014
The Psychic Services industry has grown steadily over the five years to 2014 thanks to the recovering economy and growing acceptance of industry services among consumers. Following a dip during the recession, rising disposable income levels have spurred demand for discretionary services like psychic readings. Furthermore, a long-term shift in consumer perceptions has underpinned growth, as industry services are increasingly accepted among mainstream consumers. Heightened regulation, however, has slightly hampered growth. Overall, Psychic Services industry revenue is projected to rise an annualized 2.2% over the five years to 2014, growing 3.4% in 2014 to $1.9 billion.
The Psychic Services industry includes an array of operators that offer expertise in palmistry, cartomancy, mediumship, astrology, aura readings and other metaphysical services. According to IBISWorld Analyst Britanny Carter, “While industry services have existed for centuries, consumer acceptance has grown over the past few decades.” Religious beliefs in the United States have grown increasingly flexible and accepting; according to the latest survey by the Pew Forum on Religion and Public Life, more than one-quarter of American adults have left the faith they were raised in and 16.1% identify themselves as unaffiliated with any particular religion. Agnostic and unaffiliated consumers account for the majority of industry demand because industry services typically conflict with the stringent beliefs of most religions. Consequently, demand for industry services has grown in line with changing consumer beliefs.
“As more individuals opt to enter the industry, several scams have spurred city officials to create industry-specific regulation,” says Carter. For example, April Lee, a Tarzana, CA-based psychic, and her husband Michael Johnson were charged with grand theft and extortion in December 2013 for swindling nearly $1.0 million from a man by claiming he was under a love curse. Many city officials are now enforcing licenses and other forms of monitoring and tracking industry operators. Regulation has consequently limited growth over the past five years.
Over the five years to 2019, improving economic conditions will continue to boost industry performance, as rising disposable income bolsters average customer spending on psychic services. Increased citywide regulations will likely accelerate during the next five years, which will result in slight industry consolidation and slow industry growth.
For more information, visit IBISWorld’s Psychic Services in the US industry report page.
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IBISWorld industry Report Key Topics
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.
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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