Socionomics Alert: Psychic Bull Market

A mysterious US industry has been growing since the recession — psychic services

One curious US industry has been growing along with the rest of the country’s economy: psychic services. While psychics’ business got hit by the recession, the industry been expanding steadily since 2010, according to an October report from IBISWorld, a publisher of business intelligence.

While you may have read your horoscope or even had your palm read, you might not think of fortune-telling as an “industry.” However, the IBISWorld report analyzes it as such and notes those in the industry — including people involved in palmistry, cartomancy, mediumship, aura readings and astrology — have about $2 billion in revenue a year. Roughly 85,000 people work in psychic services and make about $1.5 billion in total wages a year.

The IBISWorld report predicted the industry could do even better if the economy recovers more: “Improving economic conditions will continue to boost industry performance, as rising disposable income bolsters average customer spending on psychic services.”

As income rises, the industry can charge more for services, but belief in magic and superstition rises during periods of negative mood.