New Zealand's $47.2 billion franchise sector is being celebrated. 

Today marks the first World Franchise Day. 

The model first took shape in New Zealand in the 1970s – with now almost 550 franchised brands including in accommodation, hospitality, education, childcare and retail. 

Franchise Association Chair Brad Jones told Mike Hosking they’ve had some great growth in the sector over the last few years.  

He says they’re 11% of New Zealand’s GDP, and if motor vehicle sales and retail fuel are included, that brings them to over $73 billion – 17% of GDP. 

LISTEN ABOVE