Millennials are the Fastest-Growing Segment of Future Franchisees
Following the broad trends in population demographics in the U.S., the age of franchise-investment prospects continues to shift younger in the latest quarterly analysis by Franchise Ventures.
- Generation X, ages 39-54, is the largest group ready to talk with franchisors, at 46.1% of all prospects in Q3 2019. That’s up 6% over Q2 and up 4% over last year.
- But Millennials, ages 23-38, are growing at a much faster clip, reaching 22.3% of all franchise inquiries. That share is up 15% over Q2 and up 36% over last year.
- Baby Boomers, ages 55-73, are still sizable at 25.5% of franchise inquiries. But as a percentage of the whole, their share is down 8% since last year.
- Seniors ages 74+ remain active with 3.7% share.
“Entrepreneurship is alive and well across all generations,” said Michael Alston, president of Franchise Ventures, “There is measurable difference in the propensity of age cohorts to buy a franchise.”
In future articles, we will be sharing data on the behavioral differences between age cohorts – how their interests in specific categories and franchises differ and change over time. For this analysis, the pool of investment inquiries was combined with demographic data from Alliant, a leading provider of US demographic and consumer data.
With leading marketplaces like Franchise.com, Franchise Solutions, Franchise Gator, Franchise Opportunities and BusinessBroker.net, Franchise Ventures is the leading provider of potential franchisees to thousands of growing franchise systems in the United States and Canada.
Published on Wednesday, October 30th, 2019.