Phoenix, Arizona Franchise Market Analysis
To gain comprehensive insights into Phoenix, Arizona, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Phoenix, Arizona Demographic Insights | ||
Households (2023) | 602,591 | |
Households (2028) | 642,005 | |
Population (2023) | 1,626,733 | |
Population (2028) | 1,718,909 | |
Per capita Income (2023) | $43,703 | |
Total Household Expenditures | $47,338,663,151 | |
Total Retail Expenditures | $22,264,502,138 | |
Average Household Income (2023) | $117,356 | |
Average Household Income (2028) | $119,075 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
Considering the population growth in Phoenix, with an estimated population of 1.63 million in 2023 and projected growth to 1.72 million by 2028, the food franchise industry stands out as a promising opportunity. With the total annual consumer expenditure on food and beverages at approximately $6.92 billion, there is a clear indication of a strong market demand. The food industry's potential is further underscored by the gap report findings which reveal a 12% potential sales gap in limited service restaurants ($781.55 million potential vs. $690.79 million actual) and an 11% gap in special food services, catering ($249.44 million potential vs. $221.32 million actual), signaling room for growth in these sub-sectors. Additionally, the city's average household size includes substantial percentages of 2-person (29.6%) and 3-person (14.4%) households, which could indicate a demand for diverse food options that cater to both small families and single individuals.
Read MoreHome services and improvement franchises could also thrive in Phoenix, given the median home value of $375,638. The city's growth in housing units, with 93% occupancy in 2023, and the fact that 61.2% are owner-occupied, indicate ongoing and future needs for maintenance, renovation, and home improvement services. This is further supported by the annual consumer expenditure on household operations and furnishings and equipment, which are $1.88 billion and $1.68 billion, respectively. Echoing this demand, the gap report shows a notable 41% gap in home furnishing stores ($139.03 million potential vs. $81.56 million actual), suggesting a significant market for home décor and furnishing businesses.
Lastly, with a significant percentage of the workforce (22.1%) working from home, there is a potential for business services franchises that support remote working environments, such as IT support, virtual assistance, and coworking spaces. The high number of company headquarters in Phoenix (2,434) and their employees (117,708) could also benefit from business services that cater to corporate needs. Additionally, the substantial gap in office and stationary stores (12% potential sales gap, $44.03 million potential vs. $38.62 million actual sales) highlights opportunities for franchises that offer office supplies, equipment, and remote working solutions to meet the increasing demand for home office setups and business services.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Phoenix, Arizona Franchise Opportunities (and Businesses for Sale)
ATAX Tax Service is your premier destination for comprehensive and reliable tax assistance.
40k Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
Get started for as little as $15,000. Make an investment in your future. No franchise fees, setup fees or training costs. 100% of your investment goes to your business. Do you need work that can fit around your family…
15k Minimum Cash Required
First on the scene and best in its class, Sky Zone created the world’s first wall-to-wall trampoline park in 2004, bringing healthy, high-flying fun to people across the globe. Now you can be part of this international…
500k Minimum Cash Required
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
There is NO better business model that is designed to excel in inflation, recession, and uncertain times. We help you create the ultimate MONTHLY cash flow for years by helping companies save money when they need it. Buy a…
70k Minimum Cash Required
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As of May 9, 2024: