Business, Paul Eckert

Demographic Trends in Franchising

 

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Paul Eckert established Family Financial Centers in Doylestown, Pennsylvania, over 10 years ago. In his role as the company’s CEO, Paul Eckert works toward offering franchise opportunities within the financial services industry.

The shifting demographics of the United States are impacting not only consumer markets, but also the labor pool. It is important for both franchisors and franchisees to keep up with these trends and adapt their strategies accordingly. Here are two concepts that relate to the discussion regarding millennials and baby boomers.

Millennials are emerging as a significant economic force in the market, as their numbers exceed the baby boomers’ in terms of total population, coming in at more than 70 million. On both the labor and consumer end, this is a highly sought-after demographic that those involved in the franchise industry would do well to target.

As baby boomers continue to age, more opportunities for services catering to their needs have arisen. Whether these are health or financial franchises, the market for businesses targeted specifically at this age group is ripening.

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