With 2024 just around the corner, I've unwrapped my top predictions for the year ahead. This outlook provides insights for business owners and entrepreneurs to stay ahead of the curve in the new year.
1. A stabilizing economy
Goldman Sachs Research expects the global economy to outperform expectations in 2024 — just as it did in 2023. Depending on where you are in the world, a prediction for strong income growth (amid cooling inflation and a robust job market), may mean we have seen interest rates finally peak and deliver their biggest hits to GDP growth.
2. Value led consumers
On a consumer level, value perception will trump over price, meaning we will choose more cautiously, spending on the things that truly appeal to us and that we connect with.
The value of unique social experiences will continue to increase as they are often welcomed distractions to modern day life.
3. Trust and authenticity will become key
The rise of AI tools and the current geopolitical landscape are straining consumer trust.
A Forrester study revealed that 50% of U.S. adults who are aware of AI perceive it as a societal threat. Furthermore, with significant elections on the horizon in the US and UK, issues of misinformation and fake news, especially on social media, are expected to intensify.
In response, businesses are likely to focus on building trust and offering escapism through unique experiences. Retail, for instance, is anticipated to lean into experiential formats and cross-brand collaborations, offering unique and immersive, in-store experiences without necessarily altering pricing.
4. Multi-category convenience
Post-pandemic lifestyle changes, particularly the return to office work, have made people more conscious of their time. As a result, there's a growing trend towards multi-functional spaces in places like malls. Expect to see more medical providers, office space, gyms and entertainment outlets popping up in malls in 2024.
5. A heightened year of technological advancement
At Zero Latency we are no stranger to new technology, and we expect to see technologies such as VR, AR and holograms continue to grow across industries throughout next year and beyond.
Immersive learning experiences increasing knowledge retention rates by up to 80% compared to traditional methods according to a study by Educause Review.
At home VR gaming is also set to rebound after a slow 2023. IDC forecasts the market to grow 46.8% year on year thanks to increased new hardware options at competitive prices.
So what does that mean for out of home VR experiences?
The development of in- home VR will increase the awareness of the category and benefit out of home VR immersive social experiences such as free roam virtual reality, accelerating the category awareness and growth amongst multiple consumer segments.
One thing is for sure 2024 will be a very big year and we hope one of peace, happiness and prosperity for everyone.
Have a happy holiday season!
Ready to capitalize on these trends?
Contact the Zero Latency team below, If you want to know more on staying ahead of the curve.