International Franchise Association Predicts Massive Year For Franchise Sales
22 Feb 2021 - The International Franchise Association's annual economic outlook predicts 2021 will see 26,000 franchise units sold, or a gain of more than 3.5% of total units, according to a report from CNBC.
The IFA* partnered with FRANdata to forecast that the industry will see a 10% increase in workers, bringing the industry’s total to 8.3 million workers, mostly across the food, retail and services sectors.
The sector “will increase by 7% to $477.4 billion and franchise business output will jump 16.4% to $780 billion” CNBC reported the IFA* as projecting. Last year, the franchising industry lost about 20,000 units and saw its employment level drop by 11.2%, according to the report.
1851 Franchise previously reported that conditions look extremely favorable for franchise sales in 2021 and beyond.
While the U.S. entered a recession following the COVID-19 pandemic, asset and home values stayed high. Simultaneously, many professionals in corporate America lost jobs. As a result, a surge of individuals with a decent sum of money to invest and time on their hands have been unleashed on the marketplace.