World Business Outlook 2024
Global Trends, Commentary & Actionable Advice
World Business Trends in 2024
Happy New Year, yes it’s the end of the month, but we’ve been busy behind the scenes.
The World is fast changing, but there are some trends that have emerged over the past few years, that will continue to occur. These are global trends that will define the next decade, and change the economy.
Some explicit, some implicit. Here are the trends that are happening, what you need to know and how you can capitalize upon them.
Cults, Crystals, and the Mystical:
People are looking for explanations and certainty in these troubled economic times. So they’re turning to anything and everything that will give them meaning. People will continue “finding God” and become more Spiritual.
These won’t just be the run of the mill religions and cults either. They’re going to become stranger. Social media has created self perpetuating loops of content and reinforcement that will radicalize more and more individuals to more radical and ridiculous ideas. Flat Earthers, Wiccans and the Hippies of yesteryear will be tame compared to what is coming.
The movement towards such things means religious artifacts will continue to rise in popularity and prominence. All religious and spiritual items including, but not limited to: Crosses, icons, totems, tarot cards, crystals, fortune telling, incense etc are all on the upswing for people want escapism and comfort.
Because of this surrounding activities and groups: Lifestyle brands, books, meditation, gardening, fad diets, retreats, therapy, and supplements will also be trending.
The idea of homesteads/communes will take off again and be a more frequent occurrence. Everyone will know of someone who decided to move to one of these communes. How successful they are depends on the group and the continuing prevalence of Work From Home.
GreenWashing
Business brands, will be trying to capitalize on the trends above and to do so they’ll be greenwashing, the practice of pretending they’re sustainable when they aren’t. It’s been an ongoing practice for the past few years due to ESG (Environmental Social Governance) movement.
While ESG is fading due to poor returns and practical fraud due to some loopholes, the idea of “green companies'“ isn’t going away. Green Products are still wanted and desired by the consumer, but the consumer is more educated now about greenwashing. Whether companies will actually begin sustainable practices or find more complicated ways to greenwash is not known. However, out bet is on the latter rather then the former.
Drinking is Out, Sorta
Alcohol is on the downswing at least for the majority of the public. For the Religious it’s obvious, but people are becoming more health conscious. Alcohol is on the outs, Mocktails are in. Any major bar and distributor better have non-alcoholic options on the menu, else the money and customer train is going to pass them by. The amount of people who don’t want to drink is increasing by significant margins. The next 18 months will prove this.
While there will always be a loyal crowd, the majority in the Liquor Industry don’t want to see it; partly due to snobbery and what it will mean for their tips. The idea of “$10 juice” needs to change. Most Bars don’t want to take on a proper non-alcoholic menu because they’re too reliant on Alcohol as part of their palette. Doing a good job requires going back to the drawing board on everything, instead many will just buy a case of Seedlip or any other NA spirit on sale and use that as a sub. I can guarantee that won’t cut it.
Further the customers left are tired of paying increasing prices for modernist simplicity. They want fun, excitement, and don’t care what Science™ you did to it. Modern Cocktails are sterile. People want vibrant colours and flash. If you don’t believe me, why is Empress Gin so popular, it isn’t because of the taste…
What’s left behind the Bar?
Where the divide from the industry comes in between those who stay drinking and those who don’t. But a big reason why people will keep drinking is escapism and degeneracy. In worsening economic times people will want to escape their situation for any number of reasons and this will be reflected in their orders.
Tequila & Mezcal have been the craze as of late in the Industry. Gin just finished its stint a few years back. Bourbon and Rye were major stars a decade ago and kicked off the better quality, small batch niche alcohol resurgence.
The following are the alcohols that are left to go through this:
Rum
Sherry/Brandy
Vodka
Now in our opinion Vodka won’t have its day; as Vodka was been spread out throughout the years and there’s little to change the taste and distinguish one to another. So that’s out. Sherry and Brandy are still considered Boomer drinks and are destined for the dustbin for a few more years. Same is with Scotch, but it got a semi-resurgence when Bourbon and Rye started this back in 2010.
That leaves Rum, and with the idea of more fun and less Science in the liquor industry, Rum is the perfect candidate. Further, back in the 70’s and 80’s when the economy was bad people used tropical drinks to fuel their escapism.
People are tired of paying 21 dollars for 2 ½ ounce drinks in a small glass with no garnish. They for all intents and purposes want filler and fun.
This means:
Taller/bigger glasses
Garnishes
Fun colours (dyes & juices)
Fun and Forgotten Liquors are back
Better service
Customers with inflation want their dollars to go further, and so that needs to occur, or the illusion of it needs to occur. Modern cocktail bars have a tough road ahead as, they need to provide exceptional experiences and better products now that the customer is more educated. They need to be places that people want to go to, people want, need a reason to travel and spend their money.
Without that, customers are going to stay at home.