2024 Macro Trends: How Business Will Be Changing

Let’s have a conversation about the 2024 macro trends that are going to impact the way the entire world does business.

I recently purchased an annual membership to a platform called the WGSN. Aka, the global authority on change. 

They identify the forces that are going to be impacting culture and influencing the development and production of new products and services all over the world. 

Keep in mind that these are macro trends. 

The reason a lot of small businesses don’t utilize data resources like the WGSN is that distilling macro data down to an intuitive level takes a lot of time, effort, and industry understanding.

However, I’ve developed an interest in macro data because I know that this information is what trickles down into every industry across the planet.

By using my brand strategy mind, I can distill these massive trends down to the micro-level and show you how to use them in your business.

This will help you be informed so that your brand can stay ahead of the curve, and stand out as a forward-thinking, competitive brand. 

To understand these core drivers, you first need to understand the overarching theme that shaped each of these trends.

The Overarching Theme of These 2024 Macro Trends

Of the six key drivers that the WGSN identified, there is one core overlapping theme.

Interdependence.

The pandemic transformed the way that our world does business. It showed us how interconnected we all are. 

Do you remember things being back-ordered or unavailable because supply chains were being affected? 

Or the rebirth of climate change advocacy? 

Do you remember people waking up to the reality that they are really unhappy in their jobs? 

Or that what we do has a direct impact on somebody’s life on the opposite side of the planet? 

If the pandemic taught us anything, it’s just how dependent we are on each other to survive and thrive. 

What the WGSN is predicting is that by 2024, we are going to see a massive paradigm shift away from individualism toward the interdependence of a holistic system. 

As I dive into an explanation of these 6 core drivers, keep in mind that each one is enveloped by the theme of interdependence. 

We need to be a part of an interdependent holistic system, and that is the main theme that is going to be influencing the way that we do business all over the world. 

So let’s dive into the six core drivers that the WGSN predicts are going to be shifting the way that the entire world does business by the year 2024. 

But at a micro-level.

Driver #1 for 2024 Macro Trends: Emphasis on Care

Think of this concept this way – mental health, family care, child care, and self-care in general. 

During the pandemic, the world realized that care culture is fundamental to our wellbeing. It’s fundamental to our communities, and it’s incredibly vital for our economies. 

In the past few years, we became incredibly disconnected to access to health care, access to child care, and access to care for elders. 

Do you remember what happened to everybody who was in a retirement center or everybody that was in a care center for older individuals? 

There was a massive shortage of care providers. There was also a shortage of people that could watch over children too. 

But what’s also really interesting is that “care” is showing up in the family unit in a completely different way. 

We’re no longer focused on the nuclear family as being our core family structure. Now we’re really defining what family means to each of us. 

A group of friends can your family. Or a group of distant relatives can also be your family. 

We’re also really waking up to the reality that human capital is the most precious resource that we have available, and that people are actually our most valuable asset. 

What you can expect to see between now and 2024

• Greater promotion of education and training around caregiving
• Advocacy for people to become well trained and well-compensated as a caregiver 
• Greater spread of mental health days in the workforce or health care for mental well-being. 
• New products, services, and deals for what is known as “fractional ownership”. Aka, a group of friends co-owning a car, boat, or home. 

How you can apply these trends to your brand

• Even if you’re not in the health and wellness arena, you have to be promoting mental health in your brand. 
• Other support calls, supportive email content, breathwork, yoga, and meditation to your team and community 
• Consider becoming an affiliate for things that are known to reduce stress. Think Calm, Headspace, and wearables) 
• Invite your community to reach out if they need support
• Instead of hiring, consider subcontracting to support small businesses 

Core Driver #2 for 2024 Macro Trends: The Online Panacea

When we talk about core driver number two, I want you to think about what life was like before the pandemic. 

You could go into shops, stores, libraries, etc. 

During the pandemic, everything had to move into the online space. 

The WGSN is labeling this second core driver of global business as something called the “Everything Net”. 

They describe this as more of a “circular existence” where absolutely everything, I mean, everything will now be online. 

The lines between our physical lives have become one and the same. 

What you can expect to see between now and 2024

• People using Facebook to host virtual faith summits with AR and VR to enhance their religious experiences
• From TV to your shopping cart, you will now be able to watch TV and ask it to order you the exact dress that an actress is wearing
• Global emphasis on digital wellness. Think digital detoxes and limiting screen time. 
• The era of the meta-verse. It’s going to be absolutely everywhere. Duh.

How you can apply these trends to your brand

• Make sure that your business is as all-inclusive and accessible as possible through vision and hearing impaired accessibility.
• Lean on creators to promote your brand as much as possible. Marketing is being passed over to the creators of the world.

Let’s move on to driver number three. Also, thank god we’re already seeing this.

Core Driver #3 for 2024 Macro Trends: #savetheplanet

According to the WGSN, driver number three is something called “Plant Provocation”. 

We are in the era of all hands on deck for saving our planet.

The ecosystems of our planet are being destroyed. We’re seeing ice caps melting, and species going extinct. 

Because of the Pandemic, people are vastly aware of the impact that we are having on the world. 

By 2024, this is going to be a universal message, which, like, thank God, what the hell took us so long?

There’s actually some really interesting data from a global report that Mastercard did in 2021, and it says:

• 58% of consumers are more aware of their ecological footprint since the Pandemic
• 85% are willing to take personal action and change their behavior to address the climate emergency 

So if we can thank the Pandemic for anything, it is that it woke the world up to what is happening with our climate, the ecosystem, and with the species of our planet. 

What you can expect to see between now and 2024

1. Fast fashion is going bye-bye. Seeya later Shein. Instead, we’re going to start to see challenger sustainable brands. 
2. Massive consumer accountability on brands to be transparent and share their practices to ensure that they are as green as possible.
3. Huge fashion brands going eco-friendly by changing their supply chain and sourcing 
4. Increased protection of what is known as “megafauna”. Did you know that whales are a regenerative resource for reversing climate change amounting to 1trln? 
5. A move away from focusing on doing less harm, such as decreasing our CO2 emissions, and more towards doing good like reforestation or making things more efficient.

How you can apply these trends to your brand

1. Make sure that the vendors you source from are upholding eco-friendly practices
2. Prioritize biodegradable packaging and shipping
3. Promote sustainable brands as often as possible
4. Consider a regenerative practice as part of your pricing structures. “Make a purchase and we’ll plant a tree!”

Let’s move on to driver number four.

Core Driver #4 for 2024 Macro Trends: Rewriting Our Story

The WGSN is calling this one “New Narratives”.

This concept is revolving around inclusivity. 

Inclusive ideals and values are really emerging in our world because of the pandemic. 

This isn’t so much about destroying what’s happened in the past. It’s about seeing what tools we can use to rebuild and create something better for the future for everyone to enjoy. 

What you can expect to see between now and 2024

1. Efforts from countries to decentralize influence sourcing. Think more countries being represented on labels other than “Made in China”.
2. Initiatives that promote common prosperity through tech innovation, development, and care for populations of people that are more vulnerable to crisis.

How you can apply these trends to your brand

1. “Decentralize” your business by giving your audience a say in what they are being sold
2. Make sure that your supply chain is able to be “crisis-proofed” through multiple sources for materials 
3. Focus on sourcing locally
4. Prioritize IRL (in-real-life) experiences. There is more demand than ever to start focusing back in on real-life events and experiences. 

Now let’s talk about driver number five

Core Driver #5 for 2024 Macro Trends: Back to the Basics

I think everybody is going to be familiar with this.

The WGSN labels this driver as “Direct to Essentials”. 

Basically, workplace burnout was combined with prolonged periods of forced isolation to equal high amounts of emotional distress.

The pandemic contributed to the rise of what’s been dubbed as “urgency culture”. Aka the idea that workers are infinitely accessible to their employers. 

We actually saw throughout the US, the UK, Canada, and Austria that people were working two and a half hours more per day during the pandemic. 

People are tired, and people are f*cking burnt out. They are sick of constantly being accessible. 

What you can expect to see between now and 2024

1. The creation of a two-tiered economy. The tier of people that can work remotely and people that cannot and those who can resign and those that cannot. 
2. The prioritization of just “being a human”
3. The end of the #girlboss era. Buh-bye hustle and grind culture. 
4. Workplace environments prioritize calm and a connection to nature 
5. An influx of “time millionaires” aka the 4-hour work weekers. Tim Ferriss, time for round two. 

How you can apply these trends to your brand

1. Teach your audience how to be more efficient with their time so they can enjoy the act of just being a human.
2. Lean hard into the need for holistic healing, decluttered environments, minimally processed foods, and more accessible beauty standards and routines.
3. If you have a team, make sure that you invest in their well-being by offering them ample time off.
4. Encourage your community to take “digital detoxes” and provide your audience with tips on how to complete one.

Let’s move on to the 6th and final driver that is going to be shaping the way that the world does business by 2024.

Core Driver #6 for 2024 Macro Trends: Collaborating and Incorporating

This one is so cool and the WGSN is calling it “The Case for Creativity”. 

This driver comes from the fact that the Pandemic really reinforced the idea that challenging problems need creative solutions. 

By 2024, it is going to be absolutely essential that we are investing in collective problem solving and prioritizing employee health over the health of our stocks. 

So instead of revenue or earnings being the main KPI, happiness will become a key performance indicator. 

We’re really going to start to see an initiative for people that are utilizing their creativity and innovative problem-solving ideas. 

We are also going to see a massive uprising in new businesses starting. 

During the Pandemic, applications to register a new business in the US rose by 42.6%. That’s wild. People are leaving the workforce in flocks.

Also, expect a “creative renaissance” that’s going to be driven by two main mindsets. 

1. People are going to start to seek new opportunities, which is powered by something that’s called the “great resignation”. (40% of people are considering leaving their current job). 
2. Consumers are going to be increasingly using creative resilience as a tool for coping. Stress colorers and crafters, unite!  

What you can expect to see between now and 2024

1. Using happiness as a key performance indicator 
2. Gigantic organizations and consumers coming together to collaborate and create solutions to really complex problems like climate change
3. Creative ways of companies, including their consumer, and integrating them into the design and creation of products.

How you can apply these trends to your brand

1. Encourage your community to use their level of happiness as the main indicator of success
2. More collaboration, more joint forces, and more integration of different networks to try and create big, big, big problems
3. Engage the voices of your audience
4. Invest in the creativity of yourself and your team to spark innovative ideas

You have reached the end of this explanation of the six core drivers that are going to be shaping the way that the world does business by 2024. 

Let’s Wrap Things Up

To recap, the 6 core drivers that the WGSN has predicted will shape our world by 2024 are:

• the caring economy
• the everything net plant provocation
• new narratives
• direct to essentials
• the case for creativity 

At the end of the day, use this information to be observant. Because as an entrepreneur, being observant is one of our best assets. 

My intention in sharing all this information with you is to help you be informed.

Informed about where the world of business is going moving forward and what consumers are going to be expecting from you.

Stay tuned for more debriefs of the macro trends that will be impacting your business in the coming years. 

And if you want to listen to the Full Podcast Episode that shares this information, CLICK HERE to listen to the full episode on Apple Podcasts!

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