Current and Future Franchise Industry Trends You Need to Know About
Franchise Industry Trends Of 2019
As we look back on 2019, we can see newer franchise industry trends emerging and gaining a foothold. For example, child care franchises are beginning to take off. This trend will likely continue into 2020 and beyond as the job market continues to thrive, and young parents will be looking for the best possible care for their children. In addition to child care, the child entertainment industry has exploded. Places such as trampoline parks and sports camps that can watch children and keep them entertained for several hours will be on the rise.
On the other end of the spectrum, the senior living services industry has exploded as the baby boomer generation ages. Along with senior living homes, there will be an increased need for assisted living and in-home care. If you were ever thinking of going into this industry, now is the time. In tandem, the health and fitness industry is booming. With nearly 20 percent of Americans having gym memberships, you can’t go wrong starting a gym franchise. This industry has been steadily growing 3-4 percent over the past ten years with no signs of slowing down.
As technology advances, several industries seem to be losing most, if not all, of their business. For example, smaller retail shops are being put out of business by huge e-commerce businesses such as Amazon, leaving strip malls vacant. Many of the big retail shops that have thrived in the past few decades, like Sears and J.C. Penney, are now closing in big malls as e-commerce sites grow year over year. When it comes to convenience, the e-commerce market covers all a consumer’s needs with just the click of a button. It seems that you can find almost anything, from clothes to electronics and even food, on Amazon. Delivery services were the craze in 2019, from food delivery to your everyday needs. Even with the extra fees, people are not afraid to pay a few extra bucks for convenience. We predict this industry will continue to grow.
Franchise industry trends to take off in 2020
Many of the industries that thrived in 2019 will continue to do so for the next several years. If you don’t find interest in any of those industries, then you may want to invest your money in the projected future – much of which deals with Artificial Intelligence (AI). Each year the use of AI devices grows. Whether it is your smart speaker or a little robot that vacuums your home while you’re at work, AI is the future.
Currently, and for many years, the fast-food industry has ruled the top of the list, growing faster than any other sector. This trend continues to grow due to the convenience and ongoing evolution of these companies. As technology advances, the fast-food industry is ever-evolving along with it. Food delivery apps such as Uber Eats or Grubhub make ordering a cheeseburger easier than ever before, providing a new market opportunity for savvy franchisers.
The chain hotel industry is also climbing its way to the top, and with travel becoming more accessible than ever before, this industry should have no problem expanding. These top tier industries may be challenging for many to get into due to the HIGH costs of starting a franchise. Still, it may be worth your time and money to invest now before it is too late.
Can’t afford a high-cost investment?. Look lower on the list of booming industries and find something such as car maintenance shops, or realty companies, to invest in and build your future. With such a strong market in 2019, going into 2020, it is hard to find any businesses that are not exceeding expectations. However, market strength does not mean that every industry is a guarantee. When searching for where to put your money, don’t forget to consider industry sectors that you are passionate about in your own life. You’ll likely see more success when you’re placing your money into a business you believe in wholeheartedly.