1. Climate Emergency
It’s expected for 2023 to be reported as the hottest year since records began, with 2024 predicted to exceed the year before – never has there been more of an urgent time to assess both commercial and domestic behavioral changes to make a positive impact for future generations.
Consumers are demanding more eco-friendly products and services, and businesses are needing to adapt their practices to preserve both reputation and revenue due to the benefits of sustainability. In 2024 we can expect to see clients take further steps to reduce their environmental impact, which has implications for all parts of their supply chain including a view into the media selection implications.
An emphasis on Green Media will become more prevalent with a scope looking into the process from production, content matter and buying placement. Media Owners are getting better at reporting their carbon impact, with there still being vast room for improvement and a gap for industry standards such as the recent IPA Channel Planner updates which would take a much more holistic view from a Media Planning perspective.
2. Cost of Living
In the UK, where inflation has been stubbornly high, the latest Kantar TGI data shows there has been a decline in all adults who say that they’re happy with their current standard of living with a drop of -9% in the last 12 months as part result of the increased cost of living.
There has been a shift in list of priorities with increased spending on essentials vs. luxuries as even though at the tail end of 2023 UK inflation falling does not equate to prices falling more so a slowing of speed for price increases taking place.
In 2024 inflation is predicted to fall further (Source: OBR) but will remain above the 2% target, meaning that there will be reduced disposable income and likely less spending as a whole. A level of sensitivity around costs should be adopted in communication messaging in order to maintain reputation over the tricky road that may still be ahead.
3. The Taylor Effect
2024 will see the European leg of Taylor Swifts Eras tour taking place over the summer, with her entering the UK in June. Earlier in 2023 research firm QuestionPro estimated that her US leg of the tour could generate at least $5bn (£3.9bn) for the US economy – this is further proven by the Federal Reserve Bank of Philadelphia confirmed her three shows in May 2023 had boosted their tourism revenue.
Taylor has 15 shows in the UK over 2024 with a combined attendance expected of 1.2 million people, there is high likelihood of seeing an impact on tourism in the cities that she’s visiting. The sectors are expected to range from travel, accommodation, and fashion.
It has been confirmed that she is not the one of the big “US female acts to headline Glastonbury” later in the year too, sorry Swifties!
4. AI in the Workplace
It’s no surprise that AI will still be a hot topic in 2024. If 2023 saw the adoption into personal settings, 2024 is on track to be the year where it will see more usage within the workplace. Microsoft’s Copilot is starting to be rolled out, which will allow users of Microsoft 365 to have their own AI personal assistant.
Interestingly, when looking at sentiment to AI in IPSOS latest research piece there is a clear divide in positive and negative opinion based on geography. For example, in Asian countries known for tech driven growth like China, a majority of 74% say that AI may lead to new jobs being created in there country, whereas, in the West like the UK 65% believe that AI may lead to job losses vs. 35% who think it could lead to job creation.
One other hot topic here, is how it will be regulated too as the UK’s approach differs drastically to the EU counterparts. The differences here is that there’s not an aim to create a standalone AI regulator, instead to leverage support from existing regulators which then in turn will assist with new guidance being issued in the next 12 months.
5. Cookie-Less Future
This has been in focus for quite some time, as Google pushed back the Cookie-Less future with the phase out starting with 1% of users to facilitate testing ahead of the full scale roll out in Q3 2024. This is being carried out in this way to “reduce cross-site tracking while still enable the functionality that keeps online content and services freely accessible by everyone”.
With the roll-out more privacy first targeting techniques, there is going to be more a need for creating First Party data sets to build out on owned opportunity, explore options that look at contextual targeting that work on site / placement content. There will be Google Topics which will categorize browsing habits into topics, but the data will held for a short period of time (weeks, not months).
2024 will be the death of the cookie, as Google has confirmed that there are no further deadline extensions.