Children's Franchise Opportunities
Trends and Facts About Children's Franchises
Related Children's Franchises Articles
1. The market for providing children’s services and products is huge and growing. According to the latest U.S. Census, there are more than 74 million children in the United States (or about 1/4 of the national population). This number is projected to increase to approximately 80.3 million by 2030.
2. Spending on children is also rising. A trend that children's franchise owners often point out is that people are having children later in life, in their 30s as opposed to their 20s. In most cases, older parents are more financially stable, meaning that they have additional money to spend on their children's development.
3. An increase in lifespan is also driving an increase in spending. Grandparents have more years to spend money on their grandchildren. Kids themselves now have more personal money to spend as well.
4. It’s estimated that parents will spend about $170,000 - $400,000 to raise a child from birth to 18 years old (dependent upon income level). Expenses include child care, education, health care, and clothing, housing, food, transportation, and miscellaneous expenses. As a proportion of total child-rearing expenses, housing accounts for the largest share. Child care/education and food are the next largest average expenditures.
5. Those who work best with children are patient, energetic, enthusiastic, empathetic and a bit imaginative, since kids are naturally attracted to the realms of fantasy and magic.
6. One topic prospective children’s franchise owners need to address is how the franchise system they are researching copes with busy and quieter periods, for example during school holidays and conversely when children are at school.
7. The New York Times estimated that American families spend over $16 billion in the summer alone on children (activities and child care).