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.
Of the six key drivers that the WGSN identified, there is one core overlapping theme.
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.
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.
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.
Let’s move on to driver number three. Also, thank god we’re already seeing this.
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:
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.
Let’s move on to driver number four.
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.
Now let’s talk about driver number five
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.
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.
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.
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.
To recap, the 6 core drivers that the WGSN has predicted will shape our world by 2024 are:
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!
Meet the Author:
Tristan Thibodeau is the founder of Wild Womn Haus and is a brand strategist for entrepreneurs in the wellness, beauty, and lifestyle brand industries.
She specializes in helping companies create and maintain their image. She works with market research, industry analysis, and consumer trends to offer strategic insights for brands so that they can enhance their marketing efforts and grow their bottom line.
Tristan also hosts The Wild Womn Hotline, which is a podcast that features expert-level conversations for growing your brand in bold and strategic ways.
Follow her on Instagram @tristan.wildwomnhaus and follow the agency on Instagram @wildwomnhaus and TikTok @tristan.wildwomnhaus!