The global self-improvement market is projected to witness substantial growth in the coming years owing to rising demand for physical and spiritual grooming among individuals. Self-improvement is a process of improving oneself by adopting various changes required to survive life challenges. These changes and improvements can be related to health, relationship, career, and personal goals. Identifying one’s beliefs and values, motivation, improving awareness, and self-actualization can be considered to be the common aspects of self-improvement. Personality development is gaining traction among individuals owing to increasing consciousness regarding personal needs and pursuit of happiness.
Busy lifestyle and increasing competition at work are anticipated to propel demand for self-motivation and skill development. Growing need among employees to meet company’s expectations and develop their skills to survive competition is likely to increase the demand for self-improvement. Physiological pressure at workplaces has led to a rise in stress levels and inferiority complex among employees. Personality development programs and specific skill development can support them to face these professional challenges with ease, thereby positively influencing market growth in the coming years. In addition, increasing number of problems related to relationships are expected to impel demand for self-improvement among individuals. Busy work schedules and lack of communication are likely to increase the number of divorces across the globe. One’s ability to identify faults and scope for improvements in relationships can improve situations and reduce splits. This, in turn, can drive the market in the coming years.
Lack of awareness and time among individuals to adopt improved lifestyle can hamper market growth. However, supportive initiatives by companies and governments to spread awareness among people regarding benefits of self-improvement can create lucrative opportunities for the market.
The market can be segmented on the basis of products and application. Based on product, the market can be categorized into infomercials, books, CDs/DVDs, audiobooks, motivational speakers, workshops, and webinars.
North America is anticipated to witness robust growth in the coming years owing to increasing use of infomercials in the United States. Increasing weight-loss programs and sales of exercise machines are likely to impel regional market growth. In addition, increasing use of internet to read e-books, view online courses, and watch live webinars can augment market growth. Increasing number of motivational speakers is also expected to drive the market in the coming years. Launch of innovative products by leading commercial weight loss chains in the region is likely to gain traction among consumers. For instance, Weight Watchers launched pre-prepped meals to help health conscious people in achieving their healthy living goals. These meals include pre-chopped vegetables and seasoned proteins. Consumers can cook this healthy nutritionist-approved meal in less than 10 minutes. In addition, these meals are free from flavors, artificial colors, and sweeteners.
Europe is likely to bode well in the coming years owing to increasing use of personality development applications. These mobile applications can calculate the stress level of individuals based on pulse rate. For instance, business Psychologist Ellie Yell launched a mobile application named Fledglink in U.K. to support students in building their career. The application incorporates personality insights, industry-leading technology, and digital mentors. It helps individuals in resolving their problems related to business acumen, career, mental wellbeing, and employability skills. Launch of personality development programs or events in U.K. can also impel regional market growth. Supportive government initiatives to support schools in terms of funds to successfully run self-improving programs can augment market growth. For instance, U.K. government is planning to support underperforming schools in England. The aim is to ensure that more children and young people are able to attend school. In addition, it will support the self-improving system which depends on effective teachers working beyond their own schools to create a wider school landscape in the country. This can, in turn, stimulate regional market growth in the coming years.
Some of the leading companies operating in the self-improvement market are National Seminars Group, Peak Potentials, Hay House, Landmark Education, and Skill path.
Research Support Specialist, USA