Dry Cleaning Industry for 2022

Every year brings new challenges to the dry cleaning industry, but 2022 may bring about increased profits, too. Many people wonder — is dry cleaning still popular, and more importantly, what is the future of dry cleaning? These questions reflect a severe concern as Millennials have ditched ironing, steaming, and many other forms of traditional fabric care.

The Dry Cleaning Industry in 2022

Have they forsaken dry cleaning, too, or is there still hope for the industry? Recent research indicates that hope is alive — and indeed, thriving — for dry cleaners. Find out what 2022 may have in store for the fabric care sector.

Massive Growth on the Horizon

According to studies done within the laundry sector, the dry cleaning industry will enjoy substantial growth projections in the coming years. As many news outlets have noted, the laundry sector is worth an estimated $40 billion. Some predict it will continue growing as innovative new solutions emerge within the industry. However, estimates for this growth vary, but some place future profits as high as $141 billion. Dry cleaners must maintain this momentum by providing excellent service and adopting new practices to meet clients’ demands.

New Service Trends Impacting Business

Dry cleaners need to anticipate new service trends that may impact business to capitalize on any growth the industry may see. These trends include increased demand for self-serve dry cleaning options, innovative new dry cleaning delivery services, and more emphasis on environmentally-friendly techniques. Dry cleaning providers must pay attention to the services that customers are requesting and ensure that they meet the changing demands of their clientele.

More People Using Cashless Machines

Cash is becoming a less popular payment method across nearly every industry. Additionally, there has been a sharp decline in the dry cleaning industry. Likely, it is because of the increasing popularity of self-service laundry machines that do not require quarters as they have for years. Instead, these machines allow customers to pay with a credit card or contactless digital card. This innovation has eliminated a significant risk for laundry facilities — theft. Drycleaner insurance can cover many liabilities, but it does not always cover theft. Thus, eliminating the risk is a great benefit. Drycleaner insurance still offers necessary protection against many other risks, though. It is the perfect subsidy of business insurance an owner can choose for this particular market. 

Competition Increasing for Market Share

Many investors have seen the impressive growth projections and sought to stake a claim in the laundry industry — including dry cleaning. New investors can pave the way for new innovations, but they may also crowd the market and increase competition for a share of the revenue. Established dry cleaning companies can leverage their experience and knowledge to maintain valuable relationships with clients and anticipate upcoming changes in the industry — even if new companies threaten to siphon a portion of profits.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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