President Donald Trump's election victory could spell good news for the , which has recently faced declines in demand and hiring. Trump campaigned on several proposed policies — including global tariffs on imported goods and — that could and, in turn, demand for consulting services. Industry experts told Business Insider they expect to increase demand for consulting, including strategy, management, reorganizational, and technical advisory services.
"I think the election of Trump is very favorable for the consulting industry," Michael Mische, a management consultant, former partner at KPMG, and professor at USC's Marshall School, told BI. Mische said the primary factors that drive consulting are typically macroeconomic health, government spending, CEO sentiment, free cash flows, and client need. He said there has been client need over the past couple of years, but some CEOs have been hesitant to act on it due to a tough macroeconomic environment, noting that the industry is highly vulnerable and elastic depending on what's going on in the world.
"Our entire consulting industry — it's predicated on the fact that it's the discretionary item. It literally is the luxury item of the CEO," Mische said. Unlike accounting or legal services, consultants are not a must-have, and they are quick to go when CEO sentiment is down or economic outlooks are uncertain.
But Mische said Trump's election will likely boost CEO sentiment, noting that positively to Trump's win. Trump's proposal.
