The self-help industry is an $11 billion dollar industry. Regardless of their income, people are willing to pay money for self-help books, videos, seminars and retreats in hopes it will improve the condition of their lives. Considered “recession proof,” this industry continues to grow.
The U.S. self-improvement market was worth $9.9 billion in 2016. It is forecast to post 5.6% average yearly gains from 2016 to 2022, when the market should be worth $13.2 billion.
This “industry,” has many sub-segments to deliver this knowledge: infomercials, holistic institutes, self-help books & audiobooks, motivational speakers, websites, apps, public seminars, personal coaching, weight loss programs, and training organisations.
Traditionally, the Baby Boomers have been the main consumers of self-improvement. They still are an important group, but the tide is shifting. Millennials now are the largest population group and represent the future for this market, but there are few experts now catering to them.
More content (such as MP3 downloads, e-books, webinars, online courses, “academies,” “universities,” and masterminds, etc.) is being delivered online, and self-help apps are starting to take off.
Personal coaching 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 2018.
It’s harder to get consumers to take a flight to a seminar or retreat, get three days off from work, and pay the registration fee and hotel stay. This costs thousands. Consumers today want 24/7 access to personal development programs, at home, with no travel. Especially Millennials, who generally have limited budgets. That’s why the internet has become the preferred distribution method. It’s also good for gurus, who can reach more people more cost-effectively and more profitably.
