A recent article in The New York Times described psychics as the new ‘wellness’ coaches. In fact, many psychics now identify themselves as being in the wellness field and are referring to themselves as ‘intuitives’ or ‘intuitive healers. Some say that psychics have become popular with some people as an alternative to therapists.
The market for psychic and mystical services is booming.
Part of the reason is that these services are being embracing by younger demographics. The psychic services industry is now valued in excess of $2 billion and is expected to grow to over $2.4 billion over the next few years. The psychic market has grown by over 50% since 2005. The industry includes services such as astrology, mediumship, palmistry, numerology, and other related services.
An interesting angle to this impressive market growth is the fact that people who do not affiliate with organized religion tend to make up the majority of psychic services customers. And in recent years, participation in religion in general has declined. So, that seems to coincide with the growth of psychic services. Participation in organized religion, estimated by one polling organization to be around 35% of millennials, bodes well for the future prospects of the psychics industry.
FACT: It is estimated that around 22% of Americans have consulted a psychic or fortuneteller
Photo of Madame Marie’s in Asbury Park, NJ courtesy of CTI
FACT: Women are twice as likely to visit a psychic than men
Although this field may seem bizarre to many people, many prominent business executives including Wall Street professionals have been known to use psychics over the decades. In the business world, the late Texas Oil tycoon HL Hunt consulted a psychic before making any big business decisions. So did as did automaker John DeLorean. Legendary fashion designer Diane Von Furstenberg used psychic services, as did the co-founder of Sony, Akio Morita. There are many other noteworthy users of psychic services.
Many US Presidents have admitted their use of psychics including President George Washington, President Abraham Lincoln, James Garfield, Theodore Roosevelt, Woodrow Wilson, Warren G. Harding, Calvin Coolidge, Herbert Hoover, Franklin Delano Roosevelt, Harry Truman, John F. Kennedy, Lyndon Johnson, Richard Nixon, Ronald Reagan and Bill Clinton.
In the 1980’s, President Reagan and his wife Nancy were both deeply interested in astrology, according to then White House spokesman Marlin Fitzwater and two former White House officials. A California astrologer claimed she had consulted with the Reagans regarding key White House decisions, although President Reagan said astrology had not influenced policy. Mr. Fitzwater suggested Nancy Reagan was particularly worried about the astrological signs regarding then-President Reagan’s safety. This was, of course, a matter of great controversy at the time. So much so that the President was asked about his use of astrology by reporters. Reagan said: ”No policy or decision in my mind has ever been influenced by astrology.” The controversy exploded when Donald T. Regan, the former White House chief of staff discussed the role of astrology by President and Nancy Reagan in his memoirs.
Before becoming President and earlier in his career, Reagan scheduled his inauguration as Governor of California in January 1967 for the unusual time of 12:10 am. According to news reports that time was selected by the Reagan’s to take advantage of certain favorable astrological alignments.
President Teddy Roosevelt was quite interested in astrology as was President Franklin Delano Roosevelt who was known to quote horoscopes. Other prominent world leaders were known to be followers of astrology too.
J.P.Morgan’s quotation that “millionaires don’t have astrologers; billionaires do” underscores the legendary Wall Streeter’s devotion to psychics. Morgan relied on his astrologer in many areas of business investment. So did industrialist and philanthropist Andrew Carnegie who followed the advice of a live-in psychic.
A poll regarding paranormal beliefs done by the Gallup Organization in 2005 indicated that 41 percent of those polled believed in extrasensory perception while 26 percent believed in clairvoyance. The same poll indicated that 31 percent believed in telepathy or psychic communication.
In the coming years, the revenue for the psychic services industry had been expected to continue its upward trajectory. Whether this industry is impacted by the current pandemic remains to be seen. Successful industry participants increasingly rely on a strong digital presence to increase their penetration of the younger demographics market. As a result, popular social media platforms, email newsletters and other electronic communications methods will grow in importance for the industry.
This industry has is made up of a number of large organizations and many small services and no major player has a market share of greater than 5%. We don’t have a reason for this interesting factoid, but industry statistics indicate that the largest amount of psychics work in Florida, accounting for 14.4% of the workers in this field, followed by California with 12.5%, New York with 7.2% and Texas at 6.9%.