Family market intelligence specialist, The Insights Family has launched its annual Future Forecast report which features 10 predictions for 2024.
The report is based on a combination of the company’s research, data and insight capabilities, and is the sixth edition.
Previous reports successfully predicted trends such as the rise of Direct to Consumer (2017), Generation Speak (2018), Co-Creation (2020), with last year’s edition including predictions such as the ‘significant growth of in-game shopping’, ‘how kids will
become the next generation of entrepreneurs’ and how ‘TikTok has become the next generation’s go-to search engine’.
2024 predictions include how for preschoolers (3-5s) arts and crafts related hobbies and contents are going to further grow, posing the question of whether we will see kid influencers teaming up with arts and crafts companies to build a scalable subscription business.
As for tweens (10-12s), the report predicts how that age group will pioneer more niche interests, media and brands to become the new mainstream for the next generation.
It also predicts that younger teenagers (13-15s) will reinvent the circular economy turning it into the ‘Hexagon economy’ made up of six key areas: Reduce, Reuse, Repurpose, Resell, Represent and Recycle and how this could create a whole new consumption pattern within the economy.
For older teens (16-18s), it predicts a rapid rise in desire for customisation which essentially means that organisations and business models will need to evolve significantly to remain relevant and profitable.
“Our ten predictions for this year have been curated by our incredible team of researchers, data analysts and insight professionals,” commented Nick Richardson, founder of The Insights Family. “They are based upon essential context and interrogation of the significant revolutions and evolutions that might be on the cards. As IP owners, entertainment companies and brands we understand that you deal in the fast-paced ecosystem of kids, tweens, teens, parents and families.
“I really think 2024 is going to be the year we see this next generation make some significant noises that will start to transform society norms, both from an economic and social perspective.”
A free copy of the report can be downloaded by clicking here.
The Insights Family 10 Predictions for 2024 are:
- Arts and crafts subscription services going viral
- Kids taking action for change
- Sports fandom set for explosive growth
- Asian culture-inspired content hits the mainstream
- Influencers launching their own brands
- The rise of the Hexagon Economy
- The surge of music tours and cinema concerts
- Mixed reality revolutionising content
- Content embracing inclusivity
- Customisation fuelled by AI
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