SEK Strategy Team’s trend picks for 2024
7.5.2024
The beginning of the year is always a busy season for trend reports. Of course, every 2024 report is full of AI considerations, and rightly so, but this time we thought it would be interesting to see what else is topical this year.
Our Strategy & Planning team read all the reports (ok, not all of them, but a good selection*) and highlighted the most interesting cross-sectional themes bubbling under the AI hype for 2024. Granted, we’re already well into Q2, but that just means we’ve had more time to let these simmer and give you the shining beacons of 2024. Ready? Here we go:
1. RISE OF THE YOLO ECONOMY
Consumers prioritising today over the future.
We are facing a global phenomenon, where people are simultaneously more worried about money than ever, yet spending like there is no tomorrow. The reason lies in the highly uncertain times we are living in, marked by geopolitical tensions, the climate crisis, rapid technological shifts, remnants of COVID-19, and deep social inequalities. This is why we have a strong desire to seize life’s moments now, because no one knows what the future brings.
While this might lead to senseless shopping sprees, for marketers this raises the opportunity – and responsibility – to steer people towards quality over quantity. Now, more than ever, is the time to remind people that buying quality items has longer-lasting positive effects over short-term throwawayism. Purchasing quality goods is the sustainable thing to do, as second hand and circular economy obviously work better with items that are still usable after their first ownership. So, there is a way to act responsibly and go with the YOLO!
2. POLARISED WORLDS
Polarisation leading to cultural tensions, affecting consumers and brand behaviour.
Seems like wherever we look, there is growing polarisation everywhere. It is prevalent in political stances, how we treat minorities, our views on inequality and in the gradually diverging values between young men and women.
While the conversation about e.g. gender equality has focused on how we can improve women’s rights - and rightly so - masculinity seems to be in crisis as well. One end of the spectrum is embracing the feminist man and how it can work to benefit equality; the other end is feeling their position as men threatened and turning towards what one can only describe as toxic masculinity. In most aspects, the shades of grey are fading and it’s just “you are either with us, or against us”.
This can be very tricky terrain for brands, and many have been under fire for advocating on behalf of one group of people or line of thought over another. Most have just stayed silent in fear of any controversy. But herein also lies an opportunity to truly stand out and stand for some issues that are worth standing for, especially if your brand is well-positioned to do so. Another option for brands is to look for opportunities to unite people. If we're divided on many issues, can brands serve as a platform for unity instead of polarization? The least one can do is to take representation into account and portray the world and people living in it as more diverse than just the loudest opposites.
3. DATA OVERLOAD
Coping with the overwhelming volume of data leads to lack of interest.
Interestingly enough, consumers don’t seem to be as concerned about data privacy anymore. What’s relevant to people is that they get their tasks done and personalised content at their fingertips with minimal costs (ads do still pay for free content, folks). Attitude towards digital ads is moving from irritation to indifference. The youth don’t really care about TikTok’s privacy concerns, although the rest of the world seems to be pretty cautious about it.
However, will this change if we cross another boundary? JPMorgan bank Chase will allow advertisers to target bank customers based on their spending history.** It will be interesting to see if developments like these will disrupt the conversation or if they will simply become business as usual.
Overall, digital trust issues still abound. One example of this is that trust in companies’ claims or their online reviews is reaching new lows (bots, bots, bots). For brands, transparency is key. When consumer data and generative AI are utilised transparently and with consent, this can enable the creation of hyper-personalised content and ads, adding substantial value.
4. POST-PURPOSE SUSTAINABILITY
Embracing true sustainability commitment beyond marketing.
It is true: “purpose” has become one of the most over-used marketing buzzwords of recent times. The age of greenwashing has also flushed away people’s trust for brand purposes. In order for brands to bring credibility back to sustainability, they need to go beyond just brand purpose campaigns and start building concrete, purposeful brands. They must act based on a clear view of the change they want to see in the world. A change that should stem from the company’s core strategy and values. A change that their audiences can get behind and see the personal benefits of. Once this happens, people might be inspired to change their behaviour.
With basically any products or services, one can’t require consumers to take responsibility and find out which options are the most sustainable ones. It has also been shown that consumers’ willingness to act responsibly doesn’t necessarily turn into purchase decisions. It is the companies’ responsibility to lead by example and act according to their strategy and values, thus creating shared value in the local ecosystem and communities. Sustainability marketing isn’t just about compliance, it is about participation.
+ There’s always a plus: 2024 is the year of big events and elections.
Europe is literally littered with huge happenings this summer, with the Paris Olympics and UEFA Euro 2024 leading the way in sports, and music superstars like Taylor Swift and Bruce Springsteen taking over big European cities with their world tours. There are also over 60 elections (some of them more democratic than others) being held around the world throughout the year. More than half of the world’s population is going, or has already gone, to the polls this year.
What does this all mean for marketers? Well, sports and elections can draw eyeballs and generate engagement in a way almost no other content is able to match in today’s fragmented media landscape. Elections are sure to divide people around the world, sports will both unite people and involve undertones of politicization as sportswashing becomes ever more present.
Brands need to assess their role in this whirlwind of events and variables. When should you stand out and have a strong opinion? When should you try to be the unifying factor? When should you stay silent? And, perhaps most importantly, when is your silence an opinion in itself?
*These sources, among others, were used in research for this blog post:
WARC - The Marketer's Toolkit 2024
WARC - Industry Snapshot: Trends in B2B 2024
Statista - Must-watch Consumer Trends for 2024
TrendWatching – 2024 Trend Check
Euromonitor International – Top Global Consumer Trends 2024
Sitra 2024 Megatrends
**https://nypost.com/2024/04/03/business/chase-advertisers-to-target-bank-users-based-on-spending-history/
Our Strategy & Planning team read all the reports (ok, not all of them, but a good selection*) and highlighted the most interesting cross-sectional themes bubbling under the AI hype for 2024. Granted, we’re already well into Q2, but that just means we’ve had more time to let these simmer and give you the shining beacons of 2024. Ready? Here we go:
1. RISE OF THE YOLO ECONOMY
Consumers prioritising today over the future.
We are facing a global phenomenon, where people are simultaneously more worried about money than ever, yet spending like there is no tomorrow. The reason lies in the highly uncertain times we are living in, marked by geopolitical tensions, the climate crisis, rapid technological shifts, remnants of COVID-19, and deep social inequalities. This is why we have a strong desire to seize life’s moments now, because no one knows what the future brings.
While this might lead to senseless shopping sprees, for marketers this raises the opportunity – and responsibility – to steer people towards quality over quantity. Now, more than ever, is the time to remind people that buying quality items has longer-lasting positive effects over short-term throwawayism. Purchasing quality goods is the sustainable thing to do, as second hand and circular economy obviously work better with items that are still usable after their first ownership. So, there is a way to act responsibly and go with the YOLO!
2. POLARISED WORLDS
Polarisation leading to cultural tensions, affecting consumers and brand behaviour.
Seems like wherever we look, there is growing polarisation everywhere. It is prevalent in political stances, how we treat minorities, our views on inequality and in the gradually diverging values between young men and women.
While the conversation about e.g. gender equality has focused on how we can improve women’s rights - and rightly so - masculinity seems to be in crisis as well. One end of the spectrum is embracing the feminist man and how it can work to benefit equality; the other end is feeling their position as men threatened and turning towards what one can only describe as toxic masculinity. In most aspects, the shades of grey are fading and it’s just “you are either with us, or against us”.
This can be very tricky terrain for brands, and many have been under fire for advocating on behalf of one group of people or line of thought over another. Most have just stayed silent in fear of any controversy. But herein also lies an opportunity to truly stand out and stand for some issues that are worth standing for, especially if your brand is well-positioned to do so. Another option for brands is to look for opportunities to unite people. If we're divided on many issues, can brands serve as a platform for unity instead of polarization? The least one can do is to take representation into account and portray the world and people living in it as more diverse than just the loudest opposites.
3. DATA OVERLOAD
Coping with the overwhelming volume of data leads to lack of interest.
Interestingly enough, consumers don’t seem to be as concerned about data privacy anymore. What’s relevant to people is that they get their tasks done and personalised content at their fingertips with minimal costs (ads do still pay for free content, folks). Attitude towards digital ads is moving from irritation to indifference. The youth don’t really care about TikTok’s privacy concerns, although the rest of the world seems to be pretty cautious about it.
However, will this change if we cross another boundary? JPMorgan bank Chase will allow advertisers to target bank customers based on their spending history.** It will be interesting to see if developments like these will disrupt the conversation or if they will simply become business as usual.
Overall, digital trust issues still abound. One example of this is that trust in companies’ claims or their online reviews is reaching new lows (bots, bots, bots). For brands, transparency is key. When consumer data and generative AI are utilised transparently and with consent, this can enable the creation of hyper-personalised content and ads, adding substantial value.
4. POST-PURPOSE SUSTAINABILITY
Embracing true sustainability commitment beyond marketing.
It is true: “purpose” has become one of the most over-used marketing buzzwords of recent times. The age of greenwashing has also flushed away people’s trust for brand purposes. In order for brands to bring credibility back to sustainability, they need to go beyond just brand purpose campaigns and start building concrete, purposeful brands. They must act based on a clear view of the change they want to see in the world. A change that should stem from the company’s core strategy and values. A change that their audiences can get behind and see the personal benefits of. Once this happens, people might be inspired to change their behaviour.
With basically any products or services, one can’t require consumers to take responsibility and find out which options are the most sustainable ones. It has also been shown that consumers’ willingness to act responsibly doesn’t necessarily turn into purchase decisions. It is the companies’ responsibility to lead by example and act according to their strategy and values, thus creating shared value in the local ecosystem and communities. Sustainability marketing isn’t just about compliance, it is about participation.
+ There’s always a plus: 2024 is the year of big events and elections.
Europe is literally littered with huge happenings this summer, with the Paris Olympics and UEFA Euro 2024 leading the way in sports, and music superstars like Taylor Swift and Bruce Springsteen taking over big European cities with their world tours. There are also over 60 elections (some of them more democratic than others) being held around the world throughout the year. More than half of the world’s population is going, or has already gone, to the polls this year.
What does this all mean for marketers? Well, sports and elections can draw eyeballs and generate engagement in a way almost no other content is able to match in today’s fragmented media landscape. Elections are sure to divide people around the world, sports will both unite people and involve undertones of politicization as sportswashing becomes ever more present.
Brands need to assess their role in this whirlwind of events and variables. When should you stand out and have a strong opinion? When should you try to be the unifying factor? When should you stay silent? And, perhaps most importantly, when is your silence an opinion in itself?
*These sources, among others, were used in research for this blog post:
WARC - The Marketer's Toolkit 2024
WARC - Industry Snapshot: Trends in B2B 2024
Statista - Must-watch Consumer Trends for 2024
TrendWatching – 2024 Trend Check
Euromonitor International – Top Global Consumer Trends 2024
Sitra 2024 Megatrends
**https://nypost.com/2024/04/03/business/chase-advertisers-to-target-bank-users-based-on-spending-history/
Jaa
