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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 Tempe, Arizona | ||
| Data | Tempe, AZ | Nationwide |
|---|---|---|
| Population | 179.19 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -4.959% | 0.5% |
| Median Household Income | $106,941 | $74,580 |
| Median Age | 30.23 | 38.9 |
| Residents per Business | 1 to 15 | 10 to 1 |
| Annual Household Expenditures | $5.76 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an estimated $1.53 billion spent on food and beverages in 2023 within a 5 mile radius of Tempe, there is evident potential in the food and beverage industry. Fast-casual dining options, coffee shops, or specialized food services that cater to the needs of a younger population (considering the presence of Arizona State University in Tempe) could be successful. The existence of a significant portion of the population with high income ($200,000 or more making up 9% of households) also suggests room for premium dining experiences or specialty food stores.
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The health care expenditure in the area is quite high ($869.17 million in 2023), indicating a community invested in health and well-being. A fitness franchise that offers flexible membership options could tap into the young and working professional demographics. Moreover, franchises that provide wellness services or specialty fitness such as yoga, Pilates, or boutique cycling classes might also find a receptive market here.
The annual allocation of $322.33 million to education suggests a community valuing learning and self-improvement. Educational franchises, such as tutoring centers or those specializing in early childhood education, could capitalize on this trend. The presence of a university town also indicates potential for services catering to college preparation or adult education.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Tempe, Arizona Franchise Opportunities (and Businesses for Sale)
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