Fewer family businesses achieve double-digit growth amid volatility: PwC survey

Only 25 percent of global family businesses achieved double-digit growth this year amid heightened market volatility and uncertainty, according to a survey released by PricewaterhouseCoopers on Tuesday. 

This figure marks a significant decline from 43 percent in 2023.

The auditor interviewed 1,325 family businesses across 62 countries and territories between April 1 and June 17, 2025, with respondents owning businesses ranging from under US$10 million (HK$78 million) in revenues to multi-billion-dollar enterprises.

Market fluctuations are pushing family businesses toward widespread caution. The survey found that 35 percent of these enterprises prefer a cautious approach to long-term strategy, with only 32 percent selectively pursuing new experiments.

As family businesses seek to shield themselves from macroeconomic shocks, 78 percent make ensuring operational stability their top long-term goal, significantly outweighing the priority of dividend payments picked by 68 percent. 

Reputation is a key concern, with 43 percent identifying negative media coverage or public scrutiny as the greatest risk to their reputation.

Facing persistent market volatility, businesses are prioritizing reputation and legacy. Nearly a quarter plan to stabilize their core businesses over the next two years, up from 20 percent in 2023.

Emerging technologies are reshaping the business landscape. While 61 percent of family businesses see artificial intelligence as a growth opportunity, only 3 percent indicated plans to completely reinvent their business models. In roundtable discussions, some business leaders reported that even relatively small investments in generative AI led to improved customer engagement and faster dynamic pricing responses.

Technological advancement and digital transformation are critical priorities for nearly two-thirds of the businesses, particularly for expanding mid-sized firms.

Despite the challenging environment, mission-driven and agile family businesses maintain a competitive edge. 

PwC US Global Private Leader Jonathan Flack said in the report that for businesses to remain flexible and carve out new growth paths, they must prioritize agility, innovation, and digital and AI transformation plans as new technologies reshape the global economy.