According to a recent study by What Franchise and market research firm YouGov, younger generations are more likely to trust franchises than older generations. The report reveals that 41% of 18-24-year-olds believe that franchises offer more consistent products and services compared to only 14% of those aged 55+. Among social media users, LinkedIn users are the most positive about franchises, with 36% trusting them to provide more consistent products and services than independent businesses.
Franchisees reported a profitability rate of 93% in 2018, according to a report by the British Franchise Association and NatWest. The number of franchised units has increased by 10%, reaching 48,600 from 2015 to 2018.
However, the survey also shows that many people are unsure of the difference in consistency between franchises and standalone businesses. James Fell, representative of What Franchise, comments: “These results show that franchises still have some way to go to convince the public that they are a safer bet when it comes to providing consistent products and services than standalone businesses. We really need to dig deep and consider why people don’t see the added value of franchised businesses in the same way that franchise owners do.”
To view the full report, visit https://www.what-franchise.com/business-advice/running-a-franchise/franchise-survey-reveals-young-people-are-more-trusting-of-franchises.