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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 Jersey City, New Jersey | ||
| Data | Jersey City, NJ | Nationwide |
|---|---|---|
| Population | 303.74 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -7.4142% | 0.5% |
| Median Household Income | $139,612 | $74,580 |
| Median Age | 34.04 | 38.9 |
| Residents per Business | 1 to 35 | 10 to 1 |
| Annual Household Expenditures | $11.29 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an estimated average household income of $139,612 in 2023 and a projected increase to $143,306 by 2028, Jersey City presents a strong market for franchises. The median household income of $100,488, which is projected to grow to $104,245, also suggests a consumer base with discretionary spending power. Consumers with higher incomes often prioritize health and wellness, and the spending on health care ($890.84M) indicates a strong focus on personal well-being. Upscale gyms and specialized fitness centers could capitalize on this market.
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Furthermore, the data shows a high expenditure in the food and beverages category in Jersey City, amounting to $1.63 billion annually. This signals a robust opportunity for food franchises, particularly those offering fast-casual dining experiences that can cater to the tastes of a diverse population. With a total annual retail expenditure of $5.22 billion, there is significant potential for franchises that provide convenience and quality, such as gourmet coffee shops, ethnic cuisine, or quick-service restaurants that emphasize fresh ingredients and unique culinary experiences.
Lastly, the significant number of white-collar workers (72.9%) and a large segment working at home (32.5%) present opportunities for business services franchises. These could include printing and shipping services, coworking spaces, or IT support businesses that could support the needs of remote workers and the self-employed. With the presence of company headquarters in the city (273 businesses), B2B franchises offering services like marketing, professional development training, and consultancy could also thrive in this environment.
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Jersey City, New Jersey Franchise Opportunities (and Businesses for Sale)
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