Home Products & Services Franchises
A rise in work at home and a changing real estate landscape post-COVID-19 have boosted the home services industry. According to recent research from Angi.com, a quarter of homeowners spend 1.5 times more at home than before the pandemic. Data also shows one in six have at least doubled the time they spend at home. As more people spend more time at home, projects are moved into the pipeline to get done. The modern homeowner is seeking both convenience and quality, and home services franchises are perfectly positioned to meet these demands.
Growing Market
After the COVID-19 pandemic, the landscape of home services has been dramatically transformed. Many industries faced unprecedented challenges, but the home services market emerged resilient and grew significantly. Home services franchises in industries from plumbing and electrical to cabinetry to decorating and more can capitalize on this high demand and growth. According to research summarized in the Economy of Everything Home Report by Angi.com, the total addressable market for home services witnessed a growth of 17% over the past year. It estimates the home services market is worth $657 billion.
Verified Research, an industry market research firm, found the home services industry is projected to grow at an impressive CAGR of 21.14% from 2022 to 2030. There's no denying the immense growth potential of the home services industry.
Money to be Made
Where people spend money, there is money to be made. For many Americans, their home is the largest investment they own. Because of this, and the growing amount of time spent at home, people want to curate a space that is safe, attractive, and productive. Angi.com's statistics show how much more people are spending on their homes. Home services franchises can provide these services across the board. Their study looks at the spending habits of homeowners since the start of the pandemic:
- There were a staggering 143.3 million housing units in the US in Q2 of 2022.
- The average spending for home maintenance was pegged at $3,018.
- Homeowners spent 25% more (more than $10,000) on home improvements in 2021 compared to 2020.
- The most popular home improvement projects were interior painting and bathroom remodels.
- People took on, on average, one extra household project in 2021.
Home Products & Services Opportunities
When people purchase a home, there is ongoing maintenance and services they need. The home services and products industry is one of the few industries that really is recession and pandemic-proof. In fact, the pandemic helped to bolster the industry even more. It’s a perfect time to buy home services franchises. Your franchise fee covers training and ongoing support, a proven business model, and a full team behind you.
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