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Growth of Senior Population is Good News for Franchising
Posted by Ed Teixeira
The U.S. Census Bureau has announced that the U.S. population 65 and older is now the largest in terms of size and percent of the population, compared with any previous census, according to a Census Bureau report released on November 30. The Senior segment grew at a faster rate than the total population between 2000 and 2010. According to the data there were 40.3 million people 65 and older on April 1, 2010, increasing by 5.3 million since the 2000 Census when that population numbered 35.0 million.
Here's why this is good news for the franchise industry and franchisors:
- Seniors tend to be very loyal customers provided they get good customer service.
- Franchise sectors such as home care, personal fitness and handyman concepts should continue to grow and new franchises will sprout up.
- This generation of seniors include lots of baby boomers who tend to be more active and open minded.
- Seniors will tend to dine out more frequently which is good for franchise restaurants.
The growth in the senior population should be an added boost for the franchise industry.
Posted on December 2, 2011 at 2:42 PM
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