A Mysterious US Industry Has Been Growing— Psychic Services!
One curious US industry has been growing along with the rest of the country’s economy: psychic services. While psychics’ business got hit by the recession, the industry been expanding steadily since 2010, according to an October report from IBISWorld, a publisher of business intelligence.
While you may have read your horoscope or even had your palm read, you might not think of fortune-telling as an “industry.” However, the IBISWorld report analyzes it as such and notes those in the industry — including people involved in palmistry, cartomancy, mediumship, aura readings, tarot readings and astrology — have about $2 billion in revenue a year. Roughly 85,000 people work in psychic services and make about $1.5 billion in total wages a year.
Covid-19 Impact Update – Psychic Services Industry in the US
IBISWorld’s analysts constantly monitor the industry impacts of current events in real-time – here is an update of how this industry is likely to be impacted as a result of the global COVID-19 pandemic:
- Revenue for the Psychic Services industry is expected to have declined mildly in 2020 due to the closure of nonessential businesses imposed on industry operators at the beginning of the COVID-19 (coronavirus) outbreak. As the pandemic subsides, industry establishments are permitted to reopen.
- However, compared with other service industries, the nature of psychic services kept revenue from declining at a sharper rate as more people seek advice during uncertain times.
- Due to the closure of nonessential business order, many psychics have shifted to offer services on online networks.
Psychic Services in the US industry outlook (2021-2026)
Over the five years to XXX, revenue for the Psychic Services industry is anticipated to continue its upward trajectory. Improved disposable income and rising consumer spending will continue to foster growth in demand for industry services, despite heightened regulation. Successful industry players will increasingly rely on a strong technological presence to capture the younger millennial market. As a result, popular social media platforms, email newsletters and other electronic communications methods will grow in importance. As demand for the industry’s discretionary services rises in line with sustained economic growth, revenue for the industry is expected to rise at an annualized rate of X.X% over the five years to XXX to total $X.X billion. Indus… [read more]
What is Psychic Services industry in the US?
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.
Industry Products and Services
- Aura reading
- Animal communicators
- Aura reading
So, who are the people who use these services?
The report notes that consumers who aren’t affiliated with a particular religion and those who are agnostic make up the majority of psychics’ customers. The increasing tendency of Americans not to affiliate with any particular religion bodes well for the world of psychics. As the report notes, “demand for industry services has grown in line with changing consumer beliefs.”
Psychics also include executives among their clients, at least according to a September report from Fortune’s Polina Marinova.
“I think people would be astounded at the amount of entrepreneurs that consult people like me,” astrologer Robert Ohotto told Fortune, which said his clients include high-level executives at Google. “Any entrepreneur that has been hugely successful either has a very well developed intuition of their own, or consults people who do.”
Of course, the psychic industry is not without its critics; in New York, several fortune tellers have even been convicted of grand larceny and sentenced to prison for scamming customers out of thousands of dollars. And in May, police arrested a 25-year-old New Jersey psychic who was accused of charging a customer $41,000 to remove an “unwanted spirit,” NJ.com reported.
Though the visit started with a $100 crystal ball reading, the psychic kept asking for more money, the customer told police. The client became suspicious and reported the situation to the police. The psychic was charged with theft by deception.
In response to scams, a number of cities have been introducing new regulations for psychics, the IBISWorld report notes: “An increasing number of regulations are attempting to limit fraud in the industry. Many cities require psychics to buy licenses to practice their services. Over the next five years, increased industry regulation could result in slightly heightened barriers to entry for psychics.” There will probably always be a market for psychics, though. It seems like a good number of Americans either believe in the power of fortune telling or need affirmation that their future looks just fine.