Major changes in the U.S. population are affecting not only who consumers are today, but also the available labor market. Franchisors and franchisees alike must adapt to this changing customer and employee base to find opportunities for growth. Those looking to start a new franchise might consider these demographic shifts.
- Millennials — This generation, whose numbers outstrip even those of the Baby Boomers, are coming into their own as a potent economic force as they begin their careers and raise families. This group of more than 70 million — whether as entry-level employees or as media-savvy consumers raised on the Internet – present a huge opportunity for franchisors and franchisees who can provide goods and services related to their growing needs.
- Baby Boomers — As this “forever young” generation ages, it will demand many new services: health and fitness programs; financial and retirement planning and advice; assistance with their aging parents; child care for their younger children and educational services for their college-bound children; legal and tax services; nutritional, cosmetic, and “anti-aging” products and services; and more.
- Seniors — People are living longer, more active lives today, a trend that will only accelerate as Boomers age. This will create a “booming” market for services demanded by this affluent, expanding demographic. Healthcare-related services, delivered at home or in assisted living facilities, will continue to grow. Home renovations for seniors, health and fitness programs tailored to their aging bodies, and increased acceptance and use of “cosmeceuticals” will expand in the years ahead.
- Minorities — The U.S. is well on the road to having a “New Majority” as the ranks of Hispanics, African Americans, and Asians continue to grow. From food to fashion, real estate to business services, as members of these groups continue their rise in numbers and economic clout, their needs will continue to expand as well – presenting new opportunities for franchise brands focused on serving them.
– re-posted from Eddy Goldenberg
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