Online Personal Development Market
The US personal development market was valued at $11 billion in 2018. The market is projected to continue to grow at a CAGR of 5.6% and to hit $13.2 billion by 2022. Millennials in the US are willing to spend $300 monthly on personal development products and services.
US Personal Development Market
- The size of the US personal development market, also referred to as the self-improvement or personal improvement market, was $11 billion in 2018, up from $9.38 billion in 2016. Self-improvement apps have a market size of $27 million.
- The most prominent personal development mediums in the US since 2016 are e-platforms and personal coaching. Industry forecast has also shown that this trend will continue till 2027.
- The market is estimated to grow at a CAGR of 5.6% to $13.2 billion by 2022.
- Millennials make up a larger percentage of personal development platform users. 94% of millennials in the US have reportedly made self-improvement commitments and are willing to spend as much as $300 monthly, twice as much as baby boomers, to that effect.
- In recent times, there has been an increase in the use of online self-development platforms, with more providers making their products and services available through virtual events.
Personal development products and services are now targeted at millennials as they have become the industry's primary consumers, with 75 million millennials using self-development products and services globally.