At your service: Rising corporate profit and disposable incomes will help industry revenue grow

Once exclusively the domain of celebrities and affluent professionals, the Business Concierge Services industry has increasingly targeted private households and corporate employees to fulfill a variety of their household management tasks. This expansion in clientele has helped the industry thrive, as revenue increased in each of the past five years. In the five years to 2016, an increase in disposable income and higher corporate profit margins helped drive industry demand, as businesses and consumers had the extra discretionary income to spend on concierge services. Industry revenue also improved thanks to a decade-long decline in the amount of leisure time for the average American...purchase to read more.

Industry Statistics & Market Size
Revenue
$297m
Annual Growth 11-16
4.2%
Forecast Growth 16-21
Profit
Employment
2,646
Businesses
731
Market Share of Companies

Industry Threats & Opportunities

  • As the economy recovers, time-poor professionals will seek out industry services
  • Demand from corporate clients rapidly rebounded due to rising corporate profit
  • Rising employment will reduce the number of hours consumers spend on household management
  • Industry Report - Starting a New Business Chapter

    Barriers to entering the Business Concierge Services industry vary depending on the company's vision and goals. Large companies are more likely to encounter higher barriers to entry in the form of initial investments into communications infrastructure; human resources management of a sizable staff; administration costs; insurance costs; and competition from previously established large-scale companies. For small-scale companies, barriers to entry are generally lower. Small-scale companies usually focus on a relatively small geographic area and offer a limited amount of services. These concierge firms may specialize in certain tasks (e.g. computer work, pet and house sitting, shopping) and thereby further limit competition beyond geography. Las...purchase to read more.

    Additional Insights for the Business Concierge Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Business Concierge Services Industry are

  • Ability to vary services to suit different needs
  • Business expertise of operators
  • Development of a symbiotic relationships with another industry
  • IBISWorld analysts also discuss how external factors such as Corporate profit and Number of businesses in the Business Concierge Services industry impact industry performance..

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    What's in this report

    What is the Business Concierge Services Industry?

    Business concierges provide on-demand services for business executives, clients, employees and individuals. Companies offer a wide variety of services, including running errands, conducting grocery and personal shopping, making travel and restaurant reservations, and home management. Services may be provided in-person or remotely via telecommunications. Companies that function like brokers to match client requests with available freelance concierges are excluded from this industry.

    Industry Products
  • Other tasks
  • Shopping
  • Entertainment and dining arrangements
  • Travel arrangements
  • Courier services (e.g. bank deposits)
  • Industry Activities
  • Arranging travel
  • Shopping
  • Providing courier functions
  • Providing small event and party planning
  • Arranging dining and entertainment
  • Fulfilling other tasks associated with a business trip
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Corporate profit
  • Number of businesses
  • Time spent on leisure and sports
  • Households earning more than $100,000
  • Number of broadband connections

  • Current Performance
  • Busy lifestyles yield gains for the industry
  • Five consecutive years of growth
  • A growing field
  • Chart: Revenue Growth

  • Industry Outlook
  • More companies enter the field
  • Growth areas
  • Table: Business Concierge Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Business Concierge Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Management of Companies and Enterprises
  • Celebrity & Sports Agents
  • Consumers

  • Key Selling Industries
  • Communication Equipment Manufacturing
  • Internet Service Providers
  • Telecommunication Networking Equipment Manufacturing

  • Products & Services
  • Entertainment and dining arrangements
  • Shopping
  • Travel arrangements
  • Other tasks
  • Courier services (e.g. bank deposits)
  • Chart: Business Concierge Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Large corporations
  • Real estate operators
  • Other service businesses
  • Medical and healthcare
  • Political and nonprofit organizations
  • Chart: Major Market Segmentation for the Business Concierge Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWages and depreciationPurchasesMarketingOther
  • Chart: Cost Structure Benchmarking – Sector vs Business Concierge Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Business Concierge Services Industry

  • Industry Globalization
    Circles Inc.,
  • Table: Circles Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Business Concierge Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Business Concierge Services Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Corporate Profit (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    International Concierge And Lifestyle Management
  • Abbreviated ICLMA, this organization provides industry support and outreach on a global basis.
  • Concierge
  • A person entrusted to perform various tasks and duties for clients or a company; from the French phrase meaning "keeper of the candles."
  • Smartphone
  • A mobile phone equipped with data-streaming capabilities like GPS, online content and digital media.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Business Concierge Services Industry Research Report offers insight into the market at the national level. Our analysis highlights macro trends in the overall sector and the micro trends faced by companies that do business in the Business Concierge Services industry. Our five-year outlook forecasts explain how the market is set to change and the product segments that will drive growth.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Business Concierge Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Business Concierge Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Business Concierge Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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