The growing significance of services in an economic

In most industrialized economy expenditure on services is growing due to the following
Advanced in technology that has led to more sophisticated products that require more services.

Growth in per capita income has given rise to a greater percentage of income being spent on luxuries such as restaurant meals overseas holidays and weekend holiday breaks.growth is in per capita income is also increasing the demand for financial services such as insurance and pension.


Companies are outsourcing heavily.companies are buying services that are outside their core expertise. Most companies are now buying services like cleaning catering warehousing transportation and so on.

Governments are moving out of businesses and deregulation has increased the level of competition in certain service industries like telecom and airlines.
This has resulted in expansion with more customers availing the services as prices are going down due to competitive actions.
Simultaneously, companies are advertising more and wooing customers more stridently, further fueling demand for services.

Due to growth in per capita income, people are buying more goods which have contributed to making relating important services.

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Rashmi Gujrati

Prof. Dr. Rashmi Gujrati , Professor-Dean (International Affairs) CT University, India President-Editor-In-Chief Tradepreneur Global Academic Platform, UK (Institution of Research & Development) Qualification: M.com, MBA, Ph.D. Specialization: Marketing, Finance & International Business, Entrepreneurship. Editor-In-Chief International Journal of Business Operation Editorial Board member of (IJEFMS) Science Publish Group, USA Editorial Board Member of Academic for Global Business Advancement Association, USA Reviewer of Common Ground Research Networks University of Illinois, USA Reviewer IBIMA Association, Spain Scientific Review Committee, Advisory Board Member of AASE Member Chung Yuan Christiana University, Taiwan Scientific Board Member of InTraders Academic Platform, Turkey Editorial Board Member of Journal of Agriculture, Food, Environment and Animal Sciences, Turkey Indian Commerce Association Indian Accounting Association Indian College Principals Association Review & Editorial Committee Board Member Laescuela Education Scientific Committee Member of Research Synergy Foundation (RSF) Indonesia Editorial & Review Committee member FSSER Malaysia Editorial & Review Committee member GI-SSF Malaysia +919759347347

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