What’s The Business Forecast For Home Improvement Franchises?
Entrepreneurs, go-getters, and aspiring business owners often look at home improvement franchise opportunities. But are these good opportunities? What does the future have in store for home improvement franchises?
Home Improvement Franchises In 2021
As we collectively pull ourselves out of the coronavirus pandemic, many industries are looking at how quickly they can recover, if they can rebound to their previous heights, and how they might have been irrevocably altered. One might have expected COVID-19 would deal a mighty blow to the home improvement industry, but it recovered remarkably quickly after a brief initial dip. As detailed elsewhere on this blog, the best home improvement franchises (such as Kitchen Solvers) figured out techniques and practices to keep their workers and clients safe and get on with their work. And they had a lot of work to do.
Home Improvement Franchises Going Forward
There were plenty of indicators before COVID-19 that the home improvement industry was poised for even more growth. But that was then. What are market analysts predicting for home improvement franchises these days? They’re predicting growth, and a lot if it.
Starting from a benchmark valuation of $374.6 billion in 2018, a Global Market Insights report forecasts that the U.S. home remodeling market will cross the $500 billion threshold in just five years (all figures in USD). They arrived at the $507.5 billion figure by factoring in a compound annual growth rate (CAGR) of 4.5%. These are very promising numbers for home improvement franchises, but what could be sparking this kind of growth?
Increasing Demand For Home Improvement Franchises
This growth is predicated on an increase in demand for home remodeling that is largely based on two factors, one practical and one aesthetic. First, the practical: green remodeling. Whether it’s out of concern for the environment, the desire to save money on energy bills, or both, many homeowners and building managers are looking at remodeling as a way to cut down on energy use and greenify their buildings. An increasing consumer awareness about energy conservation and environmental protection is leading to higher demand of green materials that will boost the renovation of home systems for the immediate future.
With regards to aesthetics, consumer preferences are shifting toward streamlined designs, textures, and materials congruent with mid-century and farmhouse designs. This has already led to an increase in kitchen improvements and additions. This demand has been informed by a growing popularity of ceramic tiles and of different bathroom fittings such as floating vanities and console sink vanities.
Kitchen Solvers Might Have The Perfect Home Improvement Franchise Opportunity For You.
At Kitchen Solvers, we are always looking for qualified candidates to become one of our franchise partners. To learn more, please contact us.Back