Americans love their things, but after the Great Recession of 2008, there’s a growing sense that consumers are holding onto their goods for longer. And that means more potential profits for those working in franchising, particularly in the automotive and the home services sectors.
The growing shift towards longevity in consumer demand was profiled in the New York Times recently in a fascinating article. The uncertain economic times have made Americans thriftier. There’s no doubt about that. And whether it repairing a pair of ripped jeans or taking the car into the shop for a big repair job, people, generally-speaking, want more life out of the things they buy.
Now, look, there’s not a whole of science to this story. It’s a feature story based on one reporter’s hunches and instincts. That said, I think there’s a kernel of truth at the heart of this story that we’ve been seeing trickling down to the franchise sector. We know, for instance, that automotive aftermarket has been booming in recent years as people look for more life in their car. We’re starting to see a noticeable improvement in the home services franchise sector. The problems with the banking industry have made moving house quite difficult for many people and they’re choosing to remodel their kitchens, say, rather than purchase new ones.
The story quotes an academic who says that this trend in American shopping won’t last forever, but in the mean time, this story offers further proof that a franchise that specializes in repairs or remodeling has a strong chance of success.