Is Consumer Services a Good Career Path in 2022? [FULL GUIDE]

Is Consumer Services a Good Career Path

WHAT IS CONSUMER SERVICES?

Yes, consumer services is a good career pathIn the United States, the services sector accounts for more than 70% of GDP, making it the largest sector in the economy. The service sector of the economy is roughly divided into three categories: business services, public services and consumer services

Business services are offered to companies, and public and consumer services are offered to individuals. Consumer services are intangible services that are produced and consumed simultaneously. Intangible services are those that do not have physical forms like experiences. Examples of consumer services include education, healthcare, insurance services, restaurants, travel, and public services. But is consumer service a good career path? That's a more complicated problem.

WHAT IS CONSUMER SERVICES

Note: Consumer Services may be confused with Customer Service, which is a service offered to customers before, during, and after purchase. A customer is a buyer of a product, while a consumer is someone who actually uses the product. Consumer services are the provision of services to individuals.

Financial Consumer Services are services provided to end consumers or personal financial advice given by financial experts to consumers and business owners.

WHAT IS THE DIFFERENCE BETWEEN CONSUMER SERVICES AND CONSUMER GOODS?

Consumer goods are visible products such as jewelry, clothing, food, electronics, and cosmetics. You can see and touch them. It can be repaired, replaced, resold, and replicated. On the other hand, the service is intangible. You can't make exactly the same thing over and over again. It is also something to enjoy on the spot, not something to sell to others later. Since service is an interaction between companies and consumers, it depends more on the quality of human resources than on products. The service is perishable. That is, they cannot be stored, transported, or used in the future.

WHAT IS THE DIFFERENCE BETWEEN INDUSTRIAL SERVICES AND CONSUMER SERVICES?

Consumer services are distinguished from consumer goods by being intangible and non-transferable, unlike consumer goods, which are physical resellers. Consumer services are different from industrial services, which are business services offered to organizations and companies. Examples of industrial services include tax consulting services, marketing software services, and employee training services. In contrast, consumer services are sold to individuals. Companies that sell haircuts, travel, leisure, etc. are targeting ordinary households.

Types of Consumer Service

There are several types of consumer services. Here we look at the categories under the umbrella of consumer services.

Types of Consumer Service

Retail business

It is a business that sells products and services to end consumers. Grocery stores, department stores and specialty shops are typical retail businesses.

Health-care business

Health care services aim to treat people's illnesses and maintain overall health. It includes hospitals, clinics, and the personal business of medical professionals.

Food & Beverage Business

As the name suggests, the food and drink business is a business that provides food and drinks to the masses. Restaurants, cafes, and bars are typical restaurants.

Transportation business

The business is focused on moving people from one place to another. There are various modes of this business. These can include air, land, and water transport. This includes taxis, buses, trains, and airlines.

Technology support business

The technical support business is also a form of consumer service. These could be companies that fix hardware or software problems with phones, laptops, or other gadgets.

Some consumer services are essential. Without these services, people would be unable to function in their daily lives. Transportation services are an example of important consumer services. But not all consumer services are. Some of these services are convenient and only offer extra convenience and comfort.

However, the absence or absence of these services does not interfere with the functioning of the general public. Luxury products are an example of non-essential consumer services.

Essential services are consumer services that are essential for people's survival and well-being. Medical, food and transportation services are examples of essential consumer services. This is because they provide basic services such as food, medical examinations and surgery.

On the other hand, non-essential services such as movie theaters, amusement parks and game centers are purely discretionary. These are for leisure and entertainment. It's not important for our daily lives, but it makes our lives more enjoyable.

THE FOUR MAIN CATEGORIES OF CONSUMER SERVICES

  • Retail and Wholesale Services - Retail and Wholesale Services are businesses that sell products and services to general consumers. It is roughly divided into retail and wholesale. The retail industry includes everything from large stores to retail stores to e-commerce. The wholesaler buys goods from the distributor or the manufacturer. The wholesaler buys products from distributors and manufacturers, sells them to retailers, and the retailer sells them to customers.
  • Leisure and Hospitality Services - Leisure and Hospitality Consumer Services are services that provide individuals with a certain quality of life, such as meals, accommodation, event planning, theme parks and recreation. These services are essential for the local economy, which is mainly tourism. Therefore, this division is susceptible to seasonal changes. Competition is intense between hotels and travel agencies.
  • Medical and Social Services - Medical and Social Consumer Services include all work related to the healthcare system. Includes work in hospitals, clinics, and community health centers.
  • Education - Education Consumer services provide services to students. This means everything from elementary school to university. There is an increasing demand for counseling and other services to help students get the best education, and this field is growing fast.

Consumer services stocks were hit by the Covid-19 pandemic from 2020 to 2021. This trend has reversed somewhat as people have become accustomed to traveling and eating out of their homes, but travel spending is still below pre-pandemic levels. In 2022, household savings increased due to economic stimulus measures, lower interest rates, and an improved employment market after the pandemic, and most of that money is spent on services rather than on goods.

HOW MANY JOBS ARE AVAILABLE IN CONSUMER SERVICES?

There are millions of jobs for consumer services. In the United States, almost half of all jobs are in the consumer services industry. Consumer services are a significant part of the global economy. The work in this field ranges from brain surgeons to cleaning shops. 

Examples of consumer services include club goods and valuable resources that many people can enjoy, such as theme parks and movie theaters. Media, such as music streaming services, are examples. It also includes cultural, information technology, events such as concerts, and leisure services such as transportation, insurance, leasing and spa.

Consumer services include creative services such as design and professional services such as legal counseling, and even more intangible services.

Consumer services include education and medical services, and in the United States, government-owned companies and private companies are mixed.

Therefore, various jobs in the consumer services sector include jobs in retail stores, restaurants, hotels, movie theaters, hospitals, transportation, etc.

If you're looking for a job where you can use your talents and skills to improve the lives of consumers, consider a career in consumer services.

EDUCATION AND CERTIFICATION REQUIREMENTS FOR A CAREER IN CUSTOMER SERVICE

The reason that service is so popular is that many do not require an education or qualifications. But not all cases. Some jobs require an academic background, and those at the top have advanced degrees.

If you want to position yourself as the best candidate for a customer service career, you can start by getting some of the certificates and education below.

High School Graduation - While many customer service jobs are entry-level positions, employers prefer to check whether applicants have a high school graduation certificate. However, some employers are more pleased with this position because it allows students who are still enrolled in high school to hold it.

On-the-job training - All customer service work is trying to have some sort of on-the-job training to teach you to work about that equipment or its policies so that you can give the public the appropriate response.

For example, there may be very simple on-the-job training, such as computer technology, or there may be a large-scale one, such as one that requires qualification.

Industry-specific degrees - whether degrees or industry certifications, some customer service jobs require advanced education in their respective careers. A master's degree may be required to become the highest level customer officer.

Communication skills - Soft skills such as listening, interpersonal communication, and empathy are not usually taught, but they are appreciated in the customer service world. If you live in a university town, finding a communication course may help you get your next job and lead you one step ahead of others.

WHAT ARE SOME JOBS IN THE CONSUMER SERVICES FIELD?

WHAT ARE SOME JOBS IN THE CONSUMER SERVICES FIELD

In the retail and wholesale categories, there are different jobs. Retail jobs include salespeople, managers, accountants, and engineers. In the wholesale industry, there are jobs such as managers, accountants, logistics experts, etc.

In the consumer services sector of leisure and hospitality, there are many workers. In fact, the Bureau of Labor Statistics reports that this is the fastest-growing sector of the economy. Leisure and hospitality jobs include food service businesses, hotel managers, amusement park employees, and recreational professionals.

We have a wide range of employment opportunities in the medical and social services sectors. This includes doctors, nurses, social workers, therapists, dietitians, and pharmacists. There are many types of medical and welfare services such as hospitals, nursing homes, rehabilitation centers, and clinics. The healthcare and welfare services sector is growing rapidly in the United States.

There are many types of education-related jobs, from teaching elementary school and university students to tutoring, advising students on going to higher education, and borrowing student loans.

WHAT COMPANIES ARE IN THE CONSUMER SERVICES FIELD?

The consumer services industry is a broad and rapidly growing field. Companies in the consumer services sector include Amazon, Apple, Walmart, Cassis, Acorn, Home Depot, Pfizer, Walt Disney Company, Costco, McDonald's, Comcast, Starbucks, Docusine and Lawes.

WHAT DO CONSUMER SERVICES JOBS PAY?

The work of consumer services is very diverse in its categories, so there is a large range of salary levels. At the lower end of the spectrum, the average annual income of a retail salesperson is $30,060. The cashier is $26,780. On the other hand, the average salary for a software engineer is $93,950. An airline pilot costs $198,190. The average salary for nurses varies by state, and for doctors, by profession. Physicians earn about $260,000 a year, and anesthesiologists earn $409,000 a year. (All figures are based on the May 2021 estimates by the U.S. Bureau of Labor Statistics.)

WHAT ARE THE BEST PAYING JOBS IN CONSUMER SERVICES?

Is consumer service a good career path? For most people, one of the most important things to consider is salary, depending on how you define "good".

Outside of the medical field, the most well-paid consumer service job is financial consumer service. In financial services, people can save money and make cautious investments. The most popular jobs in financial consumer services include economists, accountants, tax investigators, loan officers, financial analysts, auditors, and stock brokers. 

The average annual income of a private equity associate is $139,470. Financial managers earn an average of $153,460 a year. Private financial advisors earn an average annual income of $119,960. Compliance officers earn an average annual wage of $75,810. The lenders earn about $78,000, and accountants earn an average of about $83,000. Hedge fund managers earn an average of $105,451 a year.

The lowest-paid retail consumer service sector averages $63,970 for food service managers and $76,430 for entertainment managers.

CONSUMER SERVICE MARKETING

Consumer service marketing is different from consumer goods marketing. This is because consumer services are intangible. This makes it more difficult for companies to offer satisfaction. It is essential for a company to satisfy consumers and meet their expectations. Marketing experts propose 7P models of products, prices, places, promotions, people, processes, and material evidence for the marketing of consumer services.

To effectively market consumer services, you need to develop staff who can provide consistent service. The recruitment and maintenance of good staff are essential for the marketing of consumer services. Staff communicates directly with the public.

It is also difficult to set prices for consumer services. For example, prices must be set taking into account the intangible aspects of the product, such as the atmosphere of the restaurant. In addition, customers also place importance on physical factors such as the cleanliness and interior of the restaurant.

Since the service does not require intermediaries such as retail stores and stores, the location of the business is important. Restaurants and retailers are located in busy areas because they have a higher ability to attract customers. The promotion of a service depends on how the service is delivered to consumers. For this reason, companies need to establish procedures for how they interact with their customers so that they can have some level of consistency in their interactions.

SO IS CONSUMER SERVICES A GOOD CAREER PATH?

Is consumer service a good career path? However, there are some things that many people think are good careers. In other words, if you are asking this question, first think about it more specifically.

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