Concierge services can be defined as a person or service provider that offers assistance with personal business (such as making travel arrangements, scheduling appointments, or running errands). Concierge services are aimed at providing personal assistance in order for VIP clients like CEOs, high-level managers, celebrities, and high-flyers to focus on their personal development, business aspirations, or enjoying their life.
The global outlook for bespoke concierge services is positive, with an increasing demand for these services from high-net-worth individuals, busy professionals, and companies looking to offer premium benefits to their employees. The concierge services market is expected to grow at a rate of 5.7% during 2022-2025, mainly driven by the increasing numbers of ultra-high Net Worth Individuals and millionaires.
The market for bespoke concierge services is expected to grow in the coming years, as more people seek to outsource time-consuming tasks and activities. The COVID-19 pandemic has also accelerated this trend, as people have become more comfortable with using digital platforms to access these services.
Some of the key trends shaping the bespoke concierge services industry include a growing focus on sustainability and eco-friendliness, as well as the use of technology to enhance the customer experience. There is also a shift towards offering more personalized and customized services, as clients look for unique and tailored solutions to their individual needs.
During 2021-2025, the number of Ultra-High-Net-Worth individuals (with US$30m or more) and millionaires is expected to increase by 27% and 41% respectively.
Global Concierge Services Market, in Millions
Source: GRC analysis
Concierge service providers offer number of services, however, each provider has some core expertise on one of these services, which is based on their customer segment, for example Knightsbridge Circle promotes luxury lifestyle as its main strength. The Luxury Concierge service market is highly concentrated as top 7 companies command more than 80% of the market. For instance, John Paul group is the leader in luxury concierge service market, with relative market share of 125 (20% vs 16% of second largest). The company has 700 agents across the 6 hubs in Europe and North America. Pure Entertainment Group is the second largest concierge provider, followed by Velocity black in third place. Both of these companies serve almost same segment of customers (having net worth of $5-7 Million)
Lifestyle management, travel, ticketing, luxury and consumer goods, are some of the popular services provided by the concierge service providers. Majority of these services are demanded at the last minute, and hence it is critical for a concierge service provider to have the successful execution capability of these services in eleventh hour. These services are available for individuals as well as corporates for their employee.
Conclusion:
Overall, the future looks bright for the bespoke concierge services industry, as it continues to evolve and adapt to meet the changing needs and preferences of its clients. Concierge services have been historically offered by hotels, where there is a concierge desk in the hotel lobby where customers can make their requests. They help with travel bookings and tours and sightseeing, whether you wish to book a private jet, create a memorable weekend on a yacht or arrange a driver to pick you up at the airport on the other side of the world, and a whole lot more. But concierge services have moved from being something only hotels offer, to something being offered by private agencies and now, banks, through premium Credit Cards.
