The Insights Family has taken the wraps off its Industry Impact 2024 Report, with the study examining the challenges, trends and opportunities shaping the landscape for companies working in the kids’ and family markets.
Conducting primary research with input from over 100 industry experts and leveraging real-time data from more than three million families across 22 markets, The Insights Family provides a detailed analysis of the industry’s current pulse. The report reveals that organisations in these markets are navigating budget constraints amidst evolving societal and economic factors, while the growing influence of empowered youth and media fragmentation is altering market dynamics, contributing to heightened uncertainty about the future.
The findings highlight a pressing need for flexibility and localisation among organisations to effectively engage their target audiences. It underscores the critical role of market intelligence in informing strategic decisions and fostering innovation to maintain relevance.
Key findings from the Industry Impact 2024 Report include:
- Budget restrictions: Nearly seven in 10 industry professionals identify budget constraints as their primary obstacle, compounded by concerns about limited access to market intelligence.
- Kids empowerment on the rise: A notable 20% year-on-year increase (now at 41%) in teens planning their futures signals a significant shift in market dynamics and presents strategic opportunities for organisations.
- Going global, staying local: 72% of industry professionals recognise the mounting challenge of engaging kids, highlighting the need for localised strategies.
- The need for flexible business models: 26% of industry experts acknowledge organisational rigidity as a barrier to adapting to market conditions.
- Looking ahead: 84% of professionals express uncertainty about how their organisation will operate in the future and the effectiveness of their marketing efforts.
“Our Industry Impact 2024 Report provides critical insights into the current landscape of kids’ and family markets,” commented Nick Richardson, founder of The Insights Family. “Since I founded The Insights Family in 2017, it’s been clear that there have been a significant number of key challenges and opportunities which industry professionals have been faced. What is so interesting in this report, is that we have taken not only the views of the professionals but also provided examples of our own data as context to demonstrate why organisations need to continually adapt their strategies as this generation moves faster than any in history.”
To download a free copy of the Industry Impact 2024 Report, click on this link.
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