Chicago, Illinois Franchise Market Analysis
To gain comprehensive insights into Chicago, Illinois, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Chicago, Illinois Demographic Insights | ||
Households (2023) | 1,149,680 | |
Households (2028) | 1,153,763 | |
Population (2023) | 2,676,734 | |
Population (2028) | 2,580,617 | |
Per capita Income (2023) | $51,671 | |
Total Household Expenditures | $91,704,386,155 | |
Total Retail Expenditures | $42,757,702,893 | |
Average Household Income (2023) | $119,988 | |
Average Household Income (2028) | $130,673 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
Chicago's vibrant food scene is backed by a substantial household expenditure on food and beverages, tallying up to $13.35 billion annually. With the city's average household income standing at an impressive $119,988 in 2023, and a dense population of over 2.68 million, the market for dining and fast-food franchises is ripe. The gap report supports this opportunity, showing potential sales for limited service restaurants at $1.52 billion, against actual sales of $1.26 billion, indicating a significant market gap ready to be filled. Additionally, the high volume of working individuals, marked by the 1.21 million employed citizens and an average travel time to work of 30.2 minutes, suggests a strong demand for quick-service restaurants and coffee shops that cater to the fast-paced lifestyle of Chicago's workforce.
Read MoreChicagoans are increasingly investing in their health, with the annual health care consumer expenditure reaching $7.48 billion. The gap report reveals potential sales in health and personal care stores at $1.53 billion, exceeding actual sales of $1.09 billion, signifying a promising market for healthcare and senior care franchises. With the city's median household net worth at a healthy $590,626, there is ample disposable income for services like fitness centers, specialized workout studios, and wellness providers. This is an industry poised for growth, catering to a community that values health and well-being.
The home services industry in Chicago shows significant potential, with 1.15 million housing units and an 88.8% occupancy rate. The gap report highlights a market opportunity within home furnishing stores, where potential sales stand at $987.78 million versus actual sales of $698.81 million, pointing to consumer needs that are not fully met. With the median home value at $302,654, services ranging from home improvement and repair to cleaning have a substantial opportunity to capitalize on.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Chicago, Illinois Franchise Opportunities (and Businesses for Sale)
Did you know you could partner with a company to build out your entire e-commerce store, from product research to inventory acquisition to marketing? Yep! You can easily make 6-7 figures in passive income when we build your…
30k Minimum Cash Required
My Business Venture gives you the ability to start an online business from your home. We provide you access up to 1 million products & you chose up to 2,000 you want to feature on your website! MBV’s 10% Price Guarantee on…
3,995 Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
Exclusive territory. #1 Industry leader since 2001. 100% financing for U.S. citizens who qualify* plus software package with complete training. $100K 1st year profit potential. National alliances...
80k Minimum Cash Required
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
ATAX Tax Service is your premier destination for comprehensive and reliable tax assistance.
40k Minimum Cash Required
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As of May 16, 2024: