Table of Contents
Trusts & Estates in the US
Taxi & Limousine Services in the US
Hair & Nail Salons in the US
Janitorial Services in the US
Real Estate Sales & Brokerage in the US
Credit Counselors, Surveyors & Appraisers in the US
Performers & Creative Artists in the US
Management Consulting in the US
Direct Selling Companies in the US
1. Trusts & Estates in the US
Number of Businesses for 2022: 3,620,186
The Trusts and Estates industry is composed of trusts, estates and agency accounts administered on behalf of beneficiaries under the terms established in a fiduciary contract. Industry revenue, composed primarily of capital gains on trusted assets and ordinary dividends, exhibited a marginal increase over the five years to 2022. The industry benefited from substantial yields in equity markets in addition to appreciation in house prices, leading up to the spread of COVID-19 (coronavirus). Overall, revenue is expected to increase at an annualized rate of 0.7% to $197.9 billion over the five years to 2022.
2. Taxi & Limousine Services in the US
Number of Businesses for 2022: 2,117,510
The Taxi and Limousine Services industry provides nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans. Rising consumer spending and corporate profit levels have prompted greater industry demand over the past five years, with the exception of 2020. Moreover, the proliferation of ride-sharing applications has led to a sustained wave of nonemploying operators entering the market, bolstering growth. In 2020, the COVID-19 (coronavirus) pandemic caused a 47.6% decline in revenue during the year alone. Lockdown mandates throughout the United States during the period reduced industry demand drastically.
3. Hair & Nail Salons in the US
Number of Businesses for 2022: 1,378,467
The Hair and Nail Salons industry comprises salons that offer haircuts, facials, makeup application services, hair modification treatments, and deluxe spa manicures and pedicures. Demand for industry services mirrors broader economic performance, as economic growth boosts consumer spending on personal care products and services. Specifically, new products and services have favorably contributed to industry revenue growth over the majority of the past five years. However, the COVID-19 (coronavirus) outbreak in 2020 significantly affected the industry, and industry revenue declined an estimated 11.8%.
4. Janitorial Services in the US
Number of Businesses for 2022: 1,207,299
Operators in the Janitorial Services industry clean building interiors and exteriors, the inner parts of transportation equipment and other spaces, such as event stadiums. Overall, demand for industry services has grown over the five years to 2022. While the outbreak of the COVID-19 (coronavirus) pandemic led many businesses to pause their operations, shrinking the total addressable market, strong demand for sanitation services led to higher revenue per customer in 2020. As a result, industry revenue increased 2.2% in 2020.
5. Real Estate Sales & Brokerage in the US
Number of Businesses for 2022: 1,146,257
The Real Estate Sales and Brokerage industry in the United States comprises brokers and agents that sell, buy or rent real estate for others. The industry is closely aligned with the health of the residential and commercial real estate markets in the United States. Industry revenue is directly correlated with property prices and real estate transaction volumes, and agents are typically paid completely on a commission basis, receiving a fee only when they close a deal.
6. Credit Counselors, Surveyors & Appraisers in the US
Number of Businesses for 2022: 1,137,136
The Credit Counselors, Surveyors and Appraisers industry has experienced significant revenue growth, increasing at an annualized rate of 8.3% to $99.4 billion over the five years to 2022. The industry includes a wide variety of professional and technical service providers, including credit counselors, quantity surveyors, visual inspectors, weather forecasters, arbitrators and commodity inspectors. As a result, the industry is affected by many demographic and macroeconomic factors that have a material influence on the industry. The COVID-19 (coronavirus) pandemic benefited credit counselors since more difficult economic conditions caused more consumers to seek financial advice.
7. Performers & Creative Artists in the US
Number of Businesses for 2022: 1,136,970
The highly diverse Performers and Creative Artists industry comprises independent artists and performers, including freelance and bestselling writers, stage and A-list actors and painters, in addition to a dozen other artistic professions. Over 90.0% of industry operators are nonemployers (i.e. business with no paid employees) that make little money in return. However, top artists, such as famous authors and actors, are capable of earning millions of dollars annually and typically employ teams to maintain their image, but account for a slim portion of industry operators.
8. Management Consulting in the US
Number of Businesses for 2022: 1,121,512
The Management Consulting industry has experienced unusual turbulence over the five years to 2022. Prior to 2020, overall economic growth and continued merger and acquisition (M&A) activity in the corporate sector drove demand for consulting services from industry operators. However, in 2020, the COVID-19 (coronavirus) pandemic caused a recession slowing demand for industry services. Nonetheless, a marked recovery of the economy in 2021 led to an estimated 14.2% increase in industry revenue. Industry revenue is expected to continue to increase in 2022 with strong growth in corporate profit and aggregate private investment.
9. Hair Salons
Number of Businesses for 2022: 979,236
The Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income over most of the five years to 2022. These trends have also led to increased demand for ancillary services to standard haircuts, such as hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. However, the onset of the COVID-19 (coronavirus) pandemic in 2020 led to the temporary closure of industry establishments and a significant decline in demand in 2020 as individuals had fewer reasons to get haircuts due to stay-at-home mandates and high unemployment.
10. Direct Selling Companies in the US
Number of Businesses for 2022: 933,234
Operators in the Direct Selling Companies industry retail a range of products from one person to another away from a fixed retail location. The COVID-19 (coronavirus) pandemic caused a substantial shift in the industry as mass layoffs propelled industry participation levels, resulting in heightened performance. However, intense competition from big-box retailers and e-commerce has negatively affected the industry, as competitors are able to offer a wider selection of substitute products at lower prices and in a convenient one-stop location.
Source from IBISworld
The information set forth above is provided by IBISworld independently of Alibaba.com. Alibaba.com makes no representation and warranties as to the quality and reliability of the seller and products.