STATE PROFILE: Georgia Indexes Higher for Millennials, Interest in Senior Care, Business Franchises
With the nation’s highest per-capita interest in owning a franchise last year, the state of Georgia also stands apart for its ratio of Millennial franchise prospects, and indexes higher than average for categories like Senior Care and Business and Financial services. Here is a demographic profile of Georgia prospects who contacted franchisors through the FranchiseVentures demand-generation platform in 2019:
- Franchise Interest Index™ – Compared to its adult population overall, Georgia ranked No. 1 for per-capita interest in buying a franchise in 2019. The Franchise Interest Index™ for the state was 85% higher than the national average.
- Top Franchise categories – Georgia entrepreneurs showed higher interest in Senior and Health Care franchises in 2019, indexing 11.4% above average. Other above-average categories were Business Service franchises (+9.8%), Financial Service franchises (+9.6%), and Education franchises (+5.6%) among others. Top categories by volume of investment inquiries were Food franchises and Home Service franchises.
- Age of prospects – Millennials aged 23- to 38-years old comprised 22.9% of Georgia residents making an investment inquiry to a franchise last year – 10% higher than the national average for Millennials. Generation X prospects were comparable to the U.S. average, at 45.5% of Georgia’s prospects, and Baby Boomers were 24.2% of the total.
- Household income – 30.5% of Georgia prospects had household income of $100,000 or more, and 57.8% are married.
- Homeownership – 73% of prospects in Georgia own a home, and 66.8% have been in residence for 5 years or longer.
- Home value is estimated over $250,000 for 35%, and over $500,000 for 7.5% of prospects.
- Liquid assets – 22.7% had income-producing assets over $75,000, and 4.3% had liquid assets over $500,000.
For this analysis, Franchise Insights combined proprietary data from the FranchiseVentures’ demand-generation platform with demographic data from Alliant, a leading provider of U.S. consumer audience targeting and data enrichment and predictive analytics.
The Franchise Insights analysis is drawn from FranchiseVentures, the leading demand generation platform for potential franchisees to thousands of growing franchise systems in the United States and Canada. Its franchise lead-generation brands include Franchise.com, Franchise Solutions, Franchise Gator, Franchise Opportunities, Franchise For Sale, and BusinessBroker.net, and together they provide the largest aggregation of prospective franchise buyers in the U.S.
Interested in more insights from our proprietary data set? Subscribe to our email newsletter below, or follow us on LinkedIn.
Published on Wednesday, May 20th, 2020.