$11 Billion Self-improvement Market is Growing – By John LaRosa

$11 Billion Self-improvement Market is Growing – By John LaRosa

October 16, 2019

Marketdata has released an updated new 12th edition of its best-selling report: “The U.S. Market for Self-improvement Products & Services”, Oct. 2019. This 354-page report is the ONLY business analysis of this market, published every two years since 1994.

The study traces the market from 2003-2023 Forecast, examining these markets: Infomercials, Holistic Institutes, Self-Help Books & Audiobooks, Motivational Speakers, Training Organizations, Apps, Public Seminars, Personal Coaching, and Weight Loss Programs.

According to Research Director, John LaRosa: “This industry’s future generation of gurus, speakers and experts will need to be more accountable to self-improvement consumers. They want practical results and a return on their invested time and money. More focus is being placed upon men and Millennials for future customers.”

Some Findings:

Market Value…  Marketdata estimates that the self-improvement market in the U.S. was worth $11.0 billion in 2018, versus $9.38 billion in 2016. The market grew about 18% in two years, fueled by growth in personal coaching services, self-help books and audiobooks, and weight loss programs. We expect the market to grow 5% in 2019 to $11.6 billion, and 4.8% per year, on average, between 2019 and 2023, when the market should be worth $13.9 billion.

Demographics… Traditionally, the Baby Boomers have been the main consumers of self-improvement. They still are an important group, but the tide is shifting, as Millennials now number 75 million. They are the future of this market, but there are few experts now catering to them.

Audiobooks…  Sales of audiobooks are growing strongly, according the Audio Publisher’s Association. The APA says that 24+ million Americans now listen to audiobooks.  Total audiobook dollar sales increased by 24.5% in 2018. We estimate that self-improvement-related audiobooks represent about 14% of that total—or $364 million last year.

Self-improvement Books… A popular book is still the basic starting point and platform for motivational speakers and experts. Self-improvement books have been doing well in recent years,  A slew of new titles appeared in 2017 and 2018 and sold well. This is now a $992 million market that’s growing 8% per year. There is a growing anti-self-help movement. Consumers are beginning to question the philosophy of self-improvement and whether it’s really helping them solve their problems. Book authors are suggesting an alternative approach to traditional methods, including: be negative, accept that you’ll always be mediocre, and simply just stop caring.

Personal Coaching… Personal coaching services are growing strongly. The latest ICF and PriceWaterhouseCoopers’ global study found that the U.S. coaching market was worth $1.02 billion in 2016 and Marketdata estimates this to have grown to $1.43 billion in 2018. We expect 4.7% average yearly growth to 2023. However, the field is loosely regulated and incompetence is a common complaint. Just about anyone can call themselves a life coach.

Motivational Speakers… 5,000+ U.S. public speakers take in more than $1 billion per year, with the elite top 9 generating about $188 million. Many older speakers are dying, retiring, or are cutting back their road tours, shifting focus to online courses, book writing, and webinars. Some of their sons and daughters are picking up the reins. There is a changing of the guard coming, but time will tell if the new speakers will be as innovative and successful as their predecessors.

About The Study – To Order:

The U.S. Market For Self-Improvement Products & Services (Report Number FS15), published in October 2019, is an independent “off-the-shelf” market research study.  The study is 354 pages in length, with 100 guru and competitor firm profiles and 72 tables/charts.  It costs $1,895 and is also sold by individual chapters at lower cost.  Call for chapter prices. A free Table of Contents is available by mail or email. Contact: Marketdata LLC,  7210 Wareham Drive, Tampa, FL  33647, (813) 971-8080. John LaRosa is available for interviews and presentations.

A 44 pp. Overview of major findings (Report Number OV5) is available to the public for $99, at www.marketdataenterprises.com..