—Outlook 2024: Only the most valuable insights from all the top industry reports on trends and predictions for the coming year. We look at them all, so you don't have to—
It’s another year already. Where has the time gone? 2023 was Earth’s hottest year on record. It was also the year that AI went mainstream and, sadly, a year defined by geopolitical conflict.
What does 2024 have in store? Well, we know it will be a tad longer, as 2024 is a leap year—366 days instead of the usual 365. Let’s hope it’s a good one for being that extra day longer. We also know it will be a big year for sport with the UEFA European Football championship in June, and the Summer Olympics taking place in Paris this July.
As for the rest… well, as we do our best to beat those January blues, 'tis the season for industry forecasts, outlooks, and a deluge of "expert takes."
As much as we love research firms and agencies working overdrive to release their latest trend predictions to set the tone for the year ahead, the sheer volume can get overwhelming. But fortunately, our editors are on hand to sift through the technical details, highlight the crucial information, and generally do all the legwork so you don’t have to. Instead, you can just read our easy-to-digest overview that distils all the vital information from the reports into one handy outlook guide.
On the straight and narrow? Marketing to be more responsible and compliant
Source: SAS, MarTech Experts' Top Predictions for 2024
With Google officially starting its stopwatch on third-party cookie deprecation this week, brands are paying much more attention to their consumer data and how they use it. The result is a heightened concern around compliance.
"Data deprecation and the new emphasis on zero and first-party sources, as well as second-party sources such as data clean rooms, networks and exchanges, are leading brands to reconsider their data governance, security and privacy practices," says Jonathan Moran, head of martech solutions marketing at SAS.
The data compliance imperative is likely to be a key catalyst for the rise of responsible marketing in 2024, SAS says.
“Responsible marketing isn’t new," notes Jennifer Chase, executive vice president and chief marketing officer at SAS. "However, the possibility of economic uncertainty, the rise in numbers of digital consumers, the subsequent deluge of customer data and data privacy considerations, has brought into stark relief that the basic tenets of responsible marketing—the responsible use of customer data and technology, legal compliance, ethical practices, protecting vulnerable audiences, and promoting corporate social responsibility—are more imperative than ever for marketing organizations.”
Data and privacy compliance will not be without challenges though, especially as a second wave of AI usage becomes mainstream, encompassing personalized shopping experiences and as brands tests the depths of how much first party data they can use to create hyper-personalized offers.
Green marketing is imperative
Source: Teads, Key trends shaping digital media monetization for publishers and broadcasters
In a world increasingly conscious of its environmental footprint, a 2023 study by McKinsey and NielsenIQ revealed a trend that’s here to stay: When consumers were asked if they cared about buying environmentally and ethically sustainable products, the overwhelming response was yes. A resounding 66% of global consumers are willing to dig deeper into their pockets for goods that are ethically and environmentally sustainable.
This consumer-driven push for sustainability is not just a trend, but a business opportunity. For entrepreneurs, adopting green policies could mean a significant boost in sales. The global market for green technology and sustainability is projected to skyrocket to a staggering US $62 billion between 2023 and 2030.
A report by Teads further underscores this shift. A whopping 92% of consumers place their trust in brands that champion social responsibility and eco-friendliness. Moreover, 81% of shoppers are on the lookout for eco-friendly marketing and advertising. The message is clear: sustainability is no longer a choice, but a necessity.
Companies that prioritize ethical practices and sustainability are in high demand. As we step into 2024, forging alliances with organizations committed to sustainable business practices and rigorous carbon footprint monitoring will be the key to success.
A return to joy
Source: Dentsu, Dentsu Creative 2024 Trends Report
Drawing on the collective research and insights of strategists, futurists and innovators from across its global network, Dentsu Creative’s 2024 Trends Report explores the power of hope in a volatile world. Among the five macro trends the report unpacks is an 'ode to joy':
1. Joyful Resistance: In a world where joy can seem in short supply, it becomes more important than ever. Moments of joyful surrealism emerge in response to a world in chaos, while advertising rediscovers the transformative power of humour.
2. Self-Care as Subversion: Be it the refuge of an “Everything Shower,” or the rise of the “soft life” and “lazy girl jobs” in rejection of hustle culture, a quiet rebellion against the fast-paced, high pressure lifestyle is underway.
3. Unadulterated Play: Adult responsibilities are unattainable or being deferred in favour of play, as seen in the boom in “Kidult” toys, the popularity of a basic #GirlDinner, or a new wave of experiences that merge art galleries and soft play.
Stop saying ‘social’ media
Source: IMG Digital Trends 2024
As we enter 2024, it’s time to stop saying "social media." The major platforms don’t exist simply to connect us publicly with friends and family—that behaviour has moved to private messaging apps and groups. By taking emphasis off the "social" aspect, brands can and will reassess how they distribute and syndicate content and messaging, while making big decisions on which platforms they focus their efforts on to achieve their objectives.
A rise in hermit culture
Source: The Media Store Consumer Trends 2024
The report predicts a rise in hermit culture in 2024. With the ongoing cost-of-living crisis, more people choose to stay in, invest in, and entertain at home, along with the growth of knowledge culture—a steady resurgence of microlearning via online platforms.
Advertisers will have to work hard to restore consumer and business confidence. Finding the right audience will become critical, harnessing targeting and first-party data to reach the right customer at the right time. Additionally, brands will need to know exactly where consumers are spending, to capitalize on moments of value while also allowing campaigns to shift and flex to changing habits.
In-app purchases will be the next battleground for revenue in social media apps
Source: Data AI, Mobile App Predictions for 2024
Historically, social apps are monetized via advertisements, but in 2024, Data AI predicts that more platforms will monetize directly from consumers.
TikTok led the way by introducing in-app purchases to “tip” content creators. YouTube and Instagram have followed suit. The switch will represent a 152% increase in consumer spend for social media apps in 2024.
AI becoming the ultimate marketing assistant
Source: HubSpot, Key trends set to shape Southeast Asia’s (SEA) marketing landscape in 2024
HubSpot has observed marketers in SEA increasingly viewing AI as an assistant that augments their ability to better manage day-to-day tasks.
This is especially true for generative AI applications, which helps marketers develop higher-quality, personalised content that resonates better with audiences, all at a quicker pace. These sentiments are reflected in a HubSpot study, where content creation emerged as the top use case for generative AI among 89% of marketers in the region’s business hub of Singapore.
A version of this article originally appeared at Campaign Asia.
