Tampa FL, August 1, 2017: Marketdata Enterprises, Inc., a leading independent market research publisher since 1979, has released the 10th edition of one of its best-selling studies, a 390-page report entitled: The U.S. Market For Self-Improvement Products & Services. This is the ONLY publicly available study about this $9.9 billion business. The study traces the market from 2003-2022 Forecast, examining these markets: Infomercials, Holistic Institutes, Self-Help Books & Audiobooks, Motivational Speakers, Websites, Apps, Public Seminars, Personal Coaching, Weight Loss Programs and Training Organizations.
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. Many have found that programs and philosophies such as the “law of attraction” over-promised and under-delivered, and simply did not work for them.”
Major Findings:
Market Value… The total U.S. self-improvement market was worth $9.9 billion last year—growing just 4.3% since 2011., hurt by weak performance in infomercials and commercial diet programs. We forecast better 5.6% average yearly gains from 2016 to 2022, when the market should be worth $13.2 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. Millennials are the future for this market, but there are few experts now catering to them.
Infomercials… as a medium generated $1.35 billion in sales of self-improvement products and services last year, but this is down about 15% from 2014 levels. Most of the products sold are related to weight loss programs and exercise machines.
The Internet… is playing a larger role is the self-improvement market, as more content (such as MP3 downloads, e-books, webinars, online courses, “academies”, “universities” and “masterminds”, etc.) is being delivered online, and apps are starting to take off.
Audiobooks… Sales of audiobooks are growing strongly in dollar sales (+12% last year), according the Audio Publisher’s Association. Self-help audibooks is now a $769 million market, growing 5.6% or more per year. Total audiobook sales have increased in double-digits the past three years. The APA says that 24+ million Americans now listen to audiobooks.
Self-improvement Books… A popular book is still the basic starting point and platform for motivational speakers and gurus. Self-improvement books have been doing well in recent years, with a slew of new titles appearing in 2015 and 2016. This is now an $800 million market that’s growing 6% per year. There were no major blockbusters such as The Secret, but a good number of other popular titles were released and sold well.
Self-improvement apps…. for smartphones are beginning to take off as more of them emerge, especially in the area of meditation, weight loss, fitness and therapist counseling. Most are free and it’s a difficult model to monetize, supported by advertising and subscriptions. Competition will be fierce.
Personal Coaching… Personal coaching services are growing strongly and this is the 2nd fastest-growing industry worldwide. The latest ICF and PriceWaterhouseCoopers’ global coaching study found that the U.S. coaching market was worth $955 million in 2015. Marketdata expects this to rise to $1.02 billion in 2016. The “average” U.S. coach makes $62,000/year. Nearly all motivational speakers offer coaching services now. However, the field is loosely regulated and incompetence is a common complaint. Just about anyone can call themselves a life coach.
Motivational Speakers… All 5,000+ U.S. speakers take in more than $1 billion per year, with the elite top 9 generatin about $200 million. Many older speakers are dying, retiring, or are cutting back road tours. Some of their sons and daughters are picking up the reins. Deceased: Zig Ziglar, Stephen Covey, Wayne Dyer and Jim Rohn. In jail: Kevin Trudeau. Criticized or filed for bankruptcy: Robert Kiyosaki, Suze Orman, James Ray. Getting old: Louise Hay, Les Brown, Brian Tracy, Sylvia Browne, Dr. Laura.
Weight Loss Programs… Diet programs, especially large commercial chains such as Weight Watchers and NutriSystem, are growing again after several lean years. This is a significant $4.7 billion piece of the self-improvement industry. NutriSystem alone spends $200-250 million per year on short-form infomercials to sell its program. Losing weight will remain a major goal for an estimated 97 million Americans for some time (mostly women).
Public Seminars… The three major public seminar companies (Fred Pryor-CareerTrack, National Seminars Group, and Skillpath) all now operate under the umbrella of non-profit universities. This is a low growth and mature $335 million market segment.
Holistic Institutes & Training Companies… The 16 U.S. holistic institutes are holding their own, attracting about 156,000 people per year and growing moderately. These institutes’ workshops and seminars are still popular for many. This is a small, mature $126 million market.
“Consumers are realizing that there are there are lots of so-called “experts” now peddling a variety of online “masterminds”, “academies”, “universities” and coaching services. Too many in fact. Gurus are trying to figure out how to cut through the clutter while consumers are trying to find legitimate and competent experts.” , according to John LaRosa.
Editor’s Note: The U.S. Market For Self-Improvement Products & Services, published in August 2017, is an independent “off-the-shelf” market research study. The study is 390 pages in length, with 100 guru and competitor firm profiles and 72 tables/charts. It costs $1,995 and is also sold by individual chapters at lower cost. A free Table of Contents is available by mail or email. Contact: Marketdata Enterprises, Inc., 7210 Wareham Drive, Tampa, FL 33647, (813) 971-8080. John LaRosa is available for interviews and presentations.
A 40 pp. Overview of major findings is available to the public for $99, at www.marketdataenterprises.com.
This report was created by Marketdata Enterprises, Inc. The company was founded in 1979, has been publishing independent market research studies for 35 years. Marketdata is a privately-owned corporation based in Tampa, Florida.
A 40 pp. Overview of major findings for the Self Improvement Market is available to the public for $99, at www.marketdataenterprises.com.