ELFF Report: More Than 80% of Franchisors Expect Increase in Sales in 2023
MAY 22, 2023 - 7:12 am
Despite economic uncertainties around inflation, labor issues and a looming recession, more than 80% of franchisors anticipate an increase in franchise sales in 2023, according to a new study released by the Equipment Leasing & Finance Foundation.
The report, “Vertical Market Outlook Series: Franchise,” provides an outlook on the franchise sector in the United States, including key trends and developments impacting the sector over the next one to two years. It is the eighth release of the foundation’s Vertical Market Outlook Series, which is designed to help readers recognize and understand opportunities and challenges that may affect their businesses.
The report was commissioned by the ELFF and prepared by global advertising, technology and data company Big Village, which also produced the previous studies in the Vertical Market Outlook Series. The new study presents data and research from a variety of sources and examines a range of issues, including:
The franchise market landscape, including composition, costs, advantages and disadvantages
The macroeconomic environment, including labor, economic factors, supply chain issues, implementing price increases and shifting demographics
Trends, growth segments and opportunities, as well as financing options, franchise equipment/supply and technology
Case studies, hospitality technology and QSR automation
“The study does an excellent job of surveying the franchise landscape, the wide variety of franchises that exist and could benefit from equipment finance, and the economic and demographic trends affecting them,” Tom Ware, research committee chair for the ELFF, said. “This study provides timely data and analyses to inform thinking and high-level insight for equipment finance professionals to reference in their strategic planning.”
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