People worldwide have been referring to mediums, fortune tellers, and astrologers for centuries. They used psychic predictions to plan various events and make even the most important life decisions. As time has passed, little by little, individuals have come to realize that psychic advisors can actually help them solve problems and guide them through tough passages in life. Hence, people started to think of launching their own psychic businesses, providing either in-person or remote services.
Since people’s interest in providing or receiving psychic readings has increased, the psychic industry has also been gradually growing and developing. The psychic industry is considered as one of the largest industries in the US. You probably have no idea how big the psychic sector actually is. According to recent reports, the psychic industry is worth BILLIONS!
This article will provide key facts about the psychic industry and the major products/services within the sector. The text will also share general information about different ways you can receive or provide specific psychic services. Next, we will focus on the parts of the industry that are growing, factors affecting demand for psychic services, and the demographic outlook. Finally, you will find key statistics about the total industry revenue and annual growth based on the US industry specialized report issued by IBISWorld.
As you may already know, there is a wide array of products and services that you can either receive or offer in the psychic industry. Typically, these services differ by the nature of psychic activities.
According to the 2019 IBISWorld report, the primary activities of the psychic industry include the following:
Obviously, this is just a brief list of the services that dominate the industry. Depending on specific issues of the customers, advisors offer different types of psychic services, including readings about love, relationship, single and dating people, parents, children, cheating, affairs, breakup and divorce, marital life, career, business and money, marital life, and many more.
After visiting a psychic, you will be asked to briefly introduce yourself and talk a little bit about your issues. Next, the advisor will use his/her tools to provide a reading in a specific niche. For instance, some psychics specialize in palm reading, while others rely on Tarot card readings. Some advisors might even combine different occult practices to provide even more accurate predictions and feedback.
Along with different products and services, the psychic industry operates through various platforms. The ways you can either receive or provide psychic services can be classified under two primary categories, in-person and remote services. Below, you will find detailed information about both.
The first and traditional way of receiving or offering psychic services is through face-to-face communication with advisors or customers, respectively. By visiting an advisor in person, one is allowed to receive psychic forecasts and a piece of advice to improve his/her life.
In-person psychic services have the potential to be much more accurate compared to remote ones. This is because a particular psychic can feel your energy, which makes it easier to connect to you and provide a reliable reading. However, face-to-face communication with a psychic will definitely be way more expensive. Besides, it might not be that easy to find the right psychic in the area, meaning that you may even end up spending too much time and money for a single psychic reading.
Typically, psychics providing in-person readings operate from specialized psychic shops or their private properties. But in some cases, psychic advisors can also be found in specific bars and nightclubs where they provide occult services as a form of entertainment.
If you want to start your own retail psychic business, do not forget to check out our ultimate guide covering all the basic points you need to consider.
As a result of technological advancements of the 21st century, dozens of companies started offering distant services. Luckily, the psychic industry is not an exception. During the last decade, remote psychic services have been accessible for almost all of us, no matter where we live. Without leaving our homes and spending extra cash, we can consult top psychic advisors from a wide array of countries.
Potential customers can receive psychic guidance via email or by connecting to a psychic through a telephone line. In the case of telephone readings, you either connect to a psychic through a paid line or choose a prepaid callback method. Although these two options were extremely popular in the early 2010s, technological development has led to the popularization of slightly different remote services.
Nowadays, people typically refer to websites or mobile apps to consult psychics from all around the world. In both cases, you are allowed to select the suitable option for you to speak with an advisor. Basically, you can either consult a psychic via live chat, audio call, or video chat on a specific website or app. Due to significant improvements in internet connection speed and quality since 2010, real-time readings have become extremely popular among different societies.
According to the 2019 IBISWorld report about the US’s psychic industry, the industry has been growing steadily over the last five years (from 2014 to 2019). As mentioned in the report, the main two reasons for such growth are enhanced economic circumstances and greater acceptance of the psychic industry offers among different societies.
As a matter of fact, there are a couple of complementary industries in the US that affect the growth and popularization of different psychic services. Some of the complementary US industries include small specialty retail stores, radio and TV broadcastings, bars and nightclubs, amusement parks, and magazines. On the other hand, several sectors can be considered competitors to the psychic industry. The primary competitors in the US are different religious organizations.
We all know that the psychic industry has existed for centuries now, but people have not always been so flexible and accepting. Based on the data obtained from a 2018 Gallup poll, the percentage of Americans believing in God has slowly decreased since 2005. And this is the main reason why more and more people think of consulting psychics and receiving readings that can guide them through the major crossroads of life. Obviously, the psychic industry’s target customers are agnostic and unaffiliated individuals since psychic services conflict with the majority of religious beliefs.
Continuing with the parts of the industry that are growing, we should note that remote psychic services are getting increasingly popular worldwide. Along with that, psychic readings on love, relationship, career, and money can be considered among the most popular services, among others. However, if we are talking about annual revenue growth, it should be noted that mediumship generates roughly ¼ of total industry revenue and the numbers keep increasing. The main reason for this is that mediums charge you more for a single consultation than psychics specializing in other occult practices.
Several factors impact the demand for different psychic services. Some of the most important ones are discussed in this section.
One of the most substantial factors influencing demand for psychic services is linked with economic conditions. For instance, economic downturns can increase demand for psychic readings about career, business, and money. In such cases, adults seek psychic advice on how to achieve success and improve personal finances.
On the other hand, improved economic conditions can lead to increased interest in different types of psychic services, such as love and relationship readings. In fact, people with high salaries consult psychics because they can simply afford it. Besides, when certain individuals have enough money to pay psychics and receive spiritual guidance. When people start regularly consulting psychic advisors for enjoyment, the activity becomes a hobby for them. Hence, the demand for psychic services increases with the salary increase.
Religious beliefs and practices are among the most influential factors that significantly impact demand for psychic services. Various religions are against fortune-telling and other occult practices. Since individuals across the globe have become more accepting, demand for psychic services has also increased.
Another key factor influencing demand for psychic services is linked with TV and radio broadcastings. We all know that appealing commercials tell us we need something even before we actually think about whether we need a particular thing or not. When we see psychic platform advertisements, we probably think of trying the service without even realizing it.
Besides, having talented psychics as guests in TV shows also promotes the psychic industry and increases audience engagement in different occult practices. Along with that, when we see celebrities who share their personal experience with consulting psychics, the willingness to have a talk with an advisor significantly increases.
Last but not least, the availability and accessibility of psychic services also have a significant influence on demand. The number of psychic shops in the area increases the availability and accessibility of different services, which is linked with increased demand for the psychic industry. Along with that, digital psychic services allow potential customers to have 24/7 access to top psychics from all around the world. Therefore, demand for psychic consultations also increases as online platforms are being enhanced.
Based on the 2019 IBISWorld report, major markets for the psychic industry are classified according to customers’ age and gender in the US. It is no surprise that women are more into psychic stuff than men. The statistics show that women are twice as likely to receive psychic guidance than men. Besides, more women tend to believe in mediumship and astrology than men.
Regarding different age groups, IBIS categorized the average age of customers into 4 groups. The following table shows the percentage of industry revenue generated by these 4 age classes.
|Age Group||% of Total Industry Revenue Generated by the Age Group in 2019||Revenue Generated by the Age Group|
|Customers aged 18 to 29||13.6%||299.2 Million|
|Customers aged 30 to 49||23.6%||519.2 Million|
|Customers aged 50 to 64||36.8%||809.6 Million|
|Customers aged 65 and up||26.0%||572.0 Million|
The most influential age group contributing to the annual revenue of the psychic industry in the US comprises adults aged 50 to 64. The reason for this can be the fact that these individuals are more financially stable compared to other age groups and have enough spare time to consult psychics, either in person or online.
The next two largest markets for the psychic industry services are groups consisting of adults 65 and up and adults aged 30 to 49 years old. Individuals in these two groups are also financially well-established and can afford to spend some cash on psychic consultations.
Finally, adults aged 18 to 29 are considered as the smallest contributors to the annual revenue in 2019. The main reason for this is that these individuals may not be as financially stable as those from other age groups. Besides, they may be seeking services that cost cheaper, such as love and relationship readings instead of mediumship and palmistry.
As mentioned in the 2019 IBISWorld report, the US psychic industry revenue in 2019 was $2.2bn. The distribution of income to different products and services is shown in the following bar.
According to the report, annual growth in revenue from 2014 to 2019 has been 1.6%, and IBIS predicts yearly growth of 0.9% over the following 5 years.
Based on the statistical data provided in the same report, annual growth in the number of businesses has been 2.3% from 2015 to 2019. The IBIS report estimates 1.7% yearly growth in the number of companies for the following 5 years.