Industry Analysis & Industry Trends
Falling demand for dry cleaning services, unfavorable shifts in consumer preferences and increasing competition from coin-operated laundromats and household washing machines have led to the Dry Cleaners industry's decline in the past decade. In the early part of the five-year period to 2015, poor economic conditions led many consumers to reduce spending on discretionary laundry services. Moreover, a long-term consumer shift toward low-maintenance clothing has curtailed demand for dry cleaning services that were once necessary for many garments. As a result, industry revenue has decreased slightly over the past five years and is expected to accelerate its decline through 2020... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
Industry value added, which measures the industry's contribution to GDP, is projected to decline at an average annual rate of 2.0% over the 10 years to 2020. In contrast, GDP is projected to rise an annualized 2.5% over the same period. Accordingly, the Dry Cleaners industry is in the decline stage of its industry life cycle. Other indicators of this stage include falling employment, a large number of companies exiting the industry, constrained profit margins and intensifying competition from other industries.
Another important indicator of this industry's declining life cycle stage is a massive increase in merger and acquisition activity... purchase to read more