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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Grand Rapids, Michigan | ||
| Data | Grand Rapids, MI | Nationwide |
|---|---|---|
| Population | 195.52 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 4.086% | 0.5% |
| Median Household Income | $89,450 | $74,580 |
| Median Age | 32.03 | 38.9 |
| Residents per Business | 1 to 27 | 10 to 1 |
| Annual Household Expenditures | $5.16 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The data for Grand Rapids, MI, indicates several key trends that can be leveraged to identify suitable franchise industries. Firstly, the estimated average household income in 2023 is $89,450, with a projected increase to $101,705 by 2028. This rising affluence suggests potential in the home services and real estate sectors. The increase in disposable income could lead to higher spending on home improvement and maintenance, making franchises that offer services such as landscaping, interior renovations, and repairs particularly attractive. The real estate sector could also benefit, as higher incomes typically increase the demand for buying and selling properties, supporting real estate franchises.
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Healthcare expenditures in Grand Rapids are substantial, with $435.52 million spent in this category in 2023. Combined with a growing interest in health and fitness across the country, there's a clear opportunity for franchises in the health and fitness industry. Fitness centers, wellness programs, and specialty health service providers could capitalize on this trend. Moreover, the average per capita income of $36,808, with a projected increase, can support discretionary spending on personal health and fitness.
Lastly, the entertainment and food and beverage sectors are prominent in consumer expenditure, with $291.11 million and $761.77 million spent, respectively. The presence of large expenditures in these areas indicates a healthy market for food franchises and entertainment-related services. Considering that the majority of households consist of 1-2 persons (66.3%), franchises that cater to small group dining or entertainment experiences tailored to couples and singles could find a receptive audience.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Grand Rapids, Michigan Franchise Opportunities (and Businesses for Sale)
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