2024 IS A YEAR OF TRANSITION. As a FRANCHISE ECONOMIST, I stay informed and IDENTIFY THE OPPORTUNITIES in this dynamic landscape.
In the wake of the unpredictable post-COVID economy, 2023 threw economic challenges at FRANCHISING, from inflation to labor shortages and rising interest rates. Yet, against the odds, the industry not only weathered the storm but EXCEEDED PROJECTIONS.
According to @FRANdata, establishments saw a remarkable 2.2% growth, outshining the anticipated 1.9%. The Federal Reserve's strategic approach to interest rates, aimed at curbing inflation, played a role. The real hero was ROBUST CONSUMER SPENDING, propelling franchising and the U.S. economy BEYOND EXPECTATIONS..
Employment growth aligned with @FRANdata's estimates, increasing by 2.9%, and output for 2023 mirrored last year's projections, growing by 4.2%. Looking ahead, INVESTORS are OPTIMISTIC about potential RATE CUTS in 2024.
However, the journey is not without challenges. With inflation, a U.S. presidential election, geopolitical tensions, and AI advancements, 2024 IS A TRANSITIONAL PHASE.
For a more in-depth look at the data and trends, read the full @FRANdATA report 2024 FRANCHISING BUSINESS OUTLOOK.