New report looks back over the company’s Future Forecast reports and the predictions which were made.
Kids market intelligence specialist, Kids Insights has issued its 2020 Trends Across the Planet report, looking back over the company’s Future Forecast reports and the predictions it made.
TAP looks at how the trends have started to play out and how businesses and organisations have started to incorporate these into their future thinking. The TAP report explores how changes around the globe – in particular the COVID-19 pandemic – will impact advertising, content, licensing, marketing, product and sales for brand owners.
The TAP report evaluates 11 previously predicted trends based on its extensive experience of surveying more than 240,000 children per year, across five continents and 11 countries, or more than 5,000 children each week.
Earlier this year, the 2020 Future Forecast report predicted that brands, publishers and broadcasters needed to reconsider and redefine the term audience. The TAP report reinforces this prediction by communicating that businesses need to adapt and be adaptable.
Of those surveyed, 76% of companies don’t anticipate to be operating in the same way in five years, as new technologies continuously innovate within this space. While 92% of businesses agree that companies should develop a greater understanding of the kid’s demographics, yet one in two companies do not feel fully confident that they have a sufficient understanding of their target audience.
“This generation of children no longer want to passively consume content, they want to play a role in the outcome, help shape the direction and make it personal to them,” explained Nick Richardson, founder and ceo of The Insights People. “Back in 2018 we predicted that there would be a growth in platforms, tools and products that enable children to co-create and influence and it will be these that will prove the most successful in engaging children. Fast forward two years and we are seeing more and more examples of this.”
Another predicted trend influencing where kids spend their money is the Generation Speak trend and the use of smart speakers. Today 44% of 6-12 year olds in the US have access to a smart speaker and 22% own one. In the UK, a third of kids aged 6-12 have access to a smart speaker, a 93% increase on 2018.
eSports has also become a popular TV pastime with the League of Legends European Championship (LEC), which is the esports equivalent of football Premier League, attracting viewership of over 800,000 for the LEC final. There is an expectation for esports to be a £1bn global industry by the end of 2020, with an audience of 600 million – many of these teens.
In addition, in these changing times, one in two companies are investing more than ever into product development, content creation and collaborations, at present. However, 52% don’t yet feel fully confident that their new products due to be released will be a success.
Sarah Riding, research and trends director at the Insights People, added: “Brands can utilise the alignment between parents and children by appealing to the family democracy that children clearly play a major part in, empowering kids to encourage parents spending could boost brand interaction and lay the foundations for lifetime customers.”
To download the complementary Kids Insights’ 2020 Trends Across the Planet and to join the company’s webinar on October 21 at 3pm (GMT), simply visit www.kidsinsights.com/tap.
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.
