Unlike most industries, psychic services providers benefited from the economic downturn. Consumers concerned about their financial futures turned to psychics for guidance during the recession, which helped boost revenue for the industry. The number of operators in the industry also increased during the recession, leading to increased competition. In the coming years, this heightened price-based competition, coupled with increased legislation at the local level, will cause industry growth to slow.
While rising disposable income will boost average customer spending on psychic services, fewer consumers are expected to turn to psychics and fortune-tellers for financial matters over the next five years due to declining unemployment and rising consumer sentiment.
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Increased legislation? One can only hope. Increased competition? You mean like these folks?
How about increased attention to the concept that psychic powers do not exist as advertised. There is no basis to fortune telling. Psychics have NEVER been shown to accurately predict major economic events let alone be able to tell you where best to put your money any more than an educated person could with come financial savvy. But this is an interesting turn for the “industry” to be so recognized. That’s what it really is, a money-making venture ($2bn in revenue). Not for the client, though.