Wealthy households are strengthening the market for so-called wealth work. The Associated Press (AP) reported that the sector experienced a surge in demands due to the “whims and desires” of high-income families.
Massachusetts Institute of Technology economics professor David Autor dubbed jobs that offer pampering services to affluent individuals as wealth work. This pertains to the market of this lucrative sector.
According to an AP chart derived from Labor Department data, the overall growth of jobs in the United States is 7% from 2008 to 2018. However, wealth jobs saw significant growth during the same period. Two categories grew by more than 100%, namely manicurists and pedicurists (114%) and massage therapists (105%).
Other job categories in this lucrative market include marriage and family therapists (98%), skincare specialists (93%), animal caretakers (58%), personal financial advisors (37%), fitness trainers (35%) and dietitians and nutritionists (21%).
This tremendous growth comes with the country’s longest-standing economic effort, bringing about growing gains in the stock market. The endeavour also resulted in the most affluent families to accumulate more riches. The AP also noted that a mere 2% of the gained riches went to families in the lower part of the strata.
While the increased demands fuelled the growth of these jobs, experts say that it does not benefit the economy or employees working wealth jobs. Economists remarked that many of these workers are self-employed without law-mandated health insurance, retirement policies and similar benefits to be provided by employers.
Moreover, these workers are likely to be earning low wages, which vary based on the number of customers they cater to. The nature of wealth work also prevents workers to gain skills or promotions.
Other types of work that provide services considered to be luxuries include maids, housekeepers, and landscapers.