NEW YORK, Dec. 28, 2016 /PRNewswire/ -- The Psychic Services industry includes an array of operators that offer expertise in palmistry, cartomancy, mediumship, astrology, aura readings and other metaphysical services. While industry services have existed for centuries, consumer acceptance has grown over the past few decades. Heightened regulation, however, has slightly hampered growth. Overall, industry revenue is projected to rise an annualized 2.4% to $2.1 billion over the five years to 2016.
For the full report, visit IBISWorld's Psychic Services in the U.S. industry report page.
Religious beliefs in the United States have grown increasingly flexible and accepting; according to 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.
According to an IBISWorld Industry Analyst, "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.
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