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Year-Over-Year Business was Up for Many in 2024: Survey

Raising prices, installing or adding new equipment seen as factors

CHICAGO — Welcome to 2025. The arrival of a new year provides a natural opportunity to review a business’ performance of the prior year and to look ahead at what might be in store this year.

So, the final American Coin-Op Your Views survey for 2024, conducted in mid-December, was about year-over-year business. It opened with this question: “How did your self-service laundry business do in 2024 compared to 2023?”

A little more than 71% say their business improved to some degree: 23.8% described it as “much better” and 47.6% labeled it as “somewhat better.” Just shy of 24% say it was the same or similar. No one taking the survey said their business in 2024 was “somewhat worse” or “much worse.” Roughly 5% say self-service isn’t part of their laundry business.

As for 2024 wash/dry/fold business, 52.4% of respondents say theirs was “somewhat better” than in 2023 (no one taking the poll describes their WDF performance as having been “much better”). Roughly 14% say it was the same or similar to 2023. Equal shares of 4.8% labeled their WDF business as “somewhat worse” or “much worse.” And the remaining 23.8% say they don’t offer WDF service.

Those laundry owners who saw better business last year in self-service or WDF attribute it to factors like raising prices (63.2%), installing new or additional equipment (47.4%), a larger customer base (31.6%) and better marketing efforts (26.3%).

If either portion of their business worsened in 2024, it was due to factors like increased costs/expenses (63.6%) and customers not coming in as often (27.3%).

Looking ahead, 81% of laundry owners surveyed believe their 2025 overall business will be better than 2024’s. The remaining 19% say it will be the same. No one who took the poll thinks their business will be worse, or they are not sure.

When asked what they have planned for their laundry in 2025, 57.1% of respondents say they intend to raise prices, 57.1% will be sprucing up their store, and 52.4% intend to do more marketing (respondents could select any or all from a list with several options).

One-third of respondents say they’ll add new washers and/or dryers, while 28.6% intend to add other types of equipment (water heater, payment system, changer, etc.). Roughly 14% will be hiring additional workers. Some 14% are planning no changes.

What’s your greatest business concern looking ahead? Among the store owners polled, the majority (33.3%) say it’s that utility costs will rise. Equal shares of 14.3% say it’s that hiring and retaining good employees will remain as difficult or that more competition will open near them.

The need to update equipment (9.5%) or not being able to keep up with their store’s maintenance schedule (4.8%) are also in play. Roughly 14% say they have no business concerns for 2025.

To wrap our survey, we asked respondents what makes them most proud about their laundry operation today. Here are some of their answers:

  • “After weeding out the riffraff, I truly appreciate 98% of my customers.”
  • “With increased marketing and adding in a … card system, we were able to maintain our revenue in 2024 even though it seemed that the economy was starting to impact our laundry delivery service. We feel confident that (with) pro-business administration coming in that we will be able to start growing again and not just maintaining.”
  • “Fewer equipment breakdowns when compared to (the) past by using more reliable brands of washers and dryers.”
  • “I am happy to see continued growth that I believe is the result of maintaining an up-to-date and clean facility with good customer service.”

While American Coin-Op’s Your Views survey presents a snapshot of store owners’ viewpoints at a particular moment, it should not be considered scientific. Subscribers to American Coin-Op e-mail blasts are invited to participate anonymously in the industry survey.

How did your self-service laundry business do in 2024 compared to 2023
What do you have planned for your laundry in 2025

Have a question or comment? E-mail our editor Bruce Beggs at [email protected].