In order to predict business trends in 2020, one must reflect on the previous year. As we enter into the first months of this new year, let’s take a look at some of the fastest-growing new industries in the United States.
- Wind Turbine Installation
- Automated Guided Vehicle Manufacturing
- Solar Power
- Social Networking Platforms
- Telehealth Services
- Peer-to-Peer Lending Platforms
- Recreational Cannabis Stores and Farms
- Franchises including fitness, health food, and massage.
These growing industries paint a very interesting and diverse descriptive picture of the United States. What matters most to consumers? These trends indicate that environmental sustainability, social media and communication, and self-care are gaining importance to American consumers. Much of this is likely due to the fact that 2019 – and inevitably 2020, has begun to focus more closely on a new consumer group, Generation Z. This generation is much more concerned with the state of the planet and preventing burn-out. Studies have shown that as they enter the workforce, they are more focused on salary and paid time off than free lunches and ping pong tables.
As an entrepreneur looking into buying a business in 2020, these are industries to consider. As the economy strengthens, Americans have more disposable income to spend on themselves. A major trend in recent years has been self-care – and it looks like it is still rising.
If you are interested in changing industries or investing in your first business, contact your local Transworld Business Advisors office today! Our team of experienced advisors can help you hone in on your interests and find the perfect business for you.