The upcoming Franchise Canada Show Toronto, taking place February 3 and 4 at the International Centre in Mississauga, Ontario, and produced by the Canadian Franchise Association (CFA), is set to showcase the evolving franchise landscape for 2024. With shifting economic conditions and changing consumer preferences, the Canadian franchise industry continues to thrive as a viable career option for entrepreneurial-minded Canadians. 

With a notable influx of new franchise brands, this winter’s show promises an extensive range of investment opportunities for those exploring business ownership through franchising. Additionally, the Canadian market is witnessing an increase in global franchise brands interested in expanding into Canada, further diversifying the options available to potential business owners.

“We believe that the current economic conditions provide a unique opportunity for entrepreneurial Canadians to make their business ownership dreams come true, with the systems and support of the franchise business model behind them,” says Sherry McNeil, President & CEO of the CFA. “The upcoming Franchise Canada Show Toronto will highlight the strength of the Canadian franchise community and the many available opportunities with CFA member brands.”

In a surprising shift, consumer services such as cleaning and home improvement are taking the spotlight, constituting 30 per cent of the show and surpassing the growth rate of quick service restaurants (QSR). This trend signifies a change in consumer preferences and highlights the resilience of the Canadian franchise industry in the face of the challenging economic conditions experienced in 2023.

The Canadian franchise industry remains vibrant despite recent economic challenges, including a slowing Canadian economy, rising interest rates, and a challenging labour pool. This resilience is a testament to the adaptability and innovation of the franchise community, providing Canadians with attractive alternatives in the ever-evolving business landscape.

Key Trends and Insights for 2024

• Consumer Preferences Are Evolving: The evolving consumer landscape is opening up opportunities in various franchise categories. Health and wellness, education, and B2B franchises are expected to grow and thrive (as seen in franchise systems such as Smash Therapy, Ultimate Coders,  and more). Franchise systems that emphasize work-life balance and family time are gaining popularity among business owners.
• Navigating Economic Challenges: Higher interest rates and inflation are influencing the franchise landscape. Strategic entrepreneurs are capitalizing on slow economic times to build a foundation, choosing trend-driven franchises in categories historically sustainable regardless of economic conditions.
• Demographic Shifts Impacting Choices: Younger generations are reshaping preferences, emphasizing experiences over material possessions. This shift is anticipated to boost franchises in the entertainment and hospitality sectors. Specialty food franchises, particularly those offering diverse international cuisines such as Fat Bastard Burrito Co., Paris Baguette, and Pita Land, are set to capture attention in 2024, especially among a younger demographic.
• Time-Saving Solutions and Technology: Young Canadians are also incredibly tech-savvy and convenience-focused, driving demand for franchises that provide time-saving solutions and leverage cutting-edge technology to simplify the way we live. For example: residential cleaning franchise systems such as JDI Cleaning and Modern, as well as home improvement/maintenance (Prep’n Sell and STOR-X), dry cleaning/laundry, and more, will continue to gain in popularity. 

The Franchise Canada Show Toronto invites entrepreneurs to explore these trends further. Attendees will also have the opportunity to meet with franchise representatives face to face and to attend free educational seminars, where they can gain additional insight into the 2024 franchise landscape.

For more information and to pre-register for the upcoming Franchise Canada Show Toronto on February 3 and 4 at the International Centre in Mississauga, visit the official show website.