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Unlock the latest insights into consumer behavior with SOCi’s Consumer Behavior Index (CBI) 2024. Our survey of over 1,000 U.S. consumers sheds light on crucial trends shaping local business interactions.
The International Franchise Association (IFA) today released its annual Franchising Economic Outlook showing that franchise growth exceeded projections for 2023, even in the face of ongoing economic uncertainty. On top of the 2.2 percent growth experienced in 2023, the report forecasts that franchises will grow an additional 1.9 percent in 2024, adding 15,000 units and 221,000 jobs in the United States. IFA also released the findings from its 2024 Franchisor Survey detailing the challenges posed by the labor market, rising prices, and policy trends.
The report highlights the ongoing labor challenges encountered by franchise businesses. Concerns of inflation has faded for the businesses, but the cost of borrowing and the slowdown in consumer demand has started to challenge franchises. Significantly, there is a notable increase in budget allocations for technology, innovation, and marketing as well as training and development, crucial for the success of franchise systems. As new joint employment standards loom, franchisors are highly concerned if they have to increase control or reduce support to their franchisees. The survey reflects a diverse respondent pool, encompassing 215 brands from 26 different industries with franchise units ranging from less than 10 to over 12,000. Executives from private family-owned systems to platform companies and publicly listed firms contribute to the varied perspectives presented in this report.
With Double-Digit Growth, Pet Supplies Plus Ranks No. 21 in Franchise 500® Ranking + Wag N’ Wash Hits Major Milestones.
North America’s Most Referred Painting Company® Announces Award Winners at Annual Conference.
New technology is the next step forward in making salon business ownership easy and accessible for today’s beauty and wellness entrepreneurs.
The National Automotive Styling Centers™ franchise to bring its aftermarket styling and performance services to more residents in Northern California.
Leading Property Damage Restoration Company Opens Third Ohio Location.