2021 is all about Revenge, and Finding your Roar.
Revenge shopping.
Revenge holidays.
Revenge haircuts and hairdos.
Revenge spending. Everywhere.
The revenge being referred to is not literal. Nobody is getting back at someone or something. Rather, it’s irrational overcompensation for something we missed.
When the vaccine finally relieves lockdowns, people and businesses will respond by going wild. The next decade will be a period of prosperity with a very distinctive cultural edge (like the 1920s, the 1950s, the 1980s, and early 2000s).
How people spend their time and money is going to rapidly change again.
People will be able to spend across more categories, and do so at greater convenience (credit and cashless are in a good place right now).
Preference will be for best, not necessarily cheapest.
Bucketlists have doubled in length. The big sums being held in deposit accounts will be spent.
And while the recovery will be in no doubt split (K-shaped), markets will be open again for all incidental and incremental spending.
A new level of expanded industry.
The number of new business registrations in most countries is soaring, indicating a wave of entrepreneurship and new ideas.
Businesses have either prospered or improved their operations during the last 12 months. Many right-sized for a changing marketplace.
Credit and funding are particularly favourable at the moment, and the disruption and expansion in this industry will fuel further growth in start-ups. As well as the $3.7trillion sitting on the sidelines in personal savings, some of which is likely to fall into passive investment portfolios and investor groups.
It’s pushed companies to pay more attention to greening their businesses as a means of growth. This will open up a number of secondary industries. As will the expansion of logistics, pharma, energy (super batteries and solar), augmented reality, entertainment, gaming, and artificial intelligence.
Productivity in the next 2-3 years will match that of the 5 previous years, easily.
And the market cap to GDP ratios are running hot. Expect big movements as a this metric shifts.
Supply will struggle with demand, and scarcity will accelerate buying decisions, in both business and consumer markets.
Prices will go up, coupled with price wars as businesses look to realise pent-up demand.
We see this already in the markets that have come out of lockdowns.
Decadence and drive.
In general, it doesn’t look like people have taken the knocks of the pandemic without some bite.
Coupled with the reality that there was a subterranean engine of commerce, productivity, and technology, which has been gestating while waiting for an opportunity to push towards the surface. This is happening, now.
Changes economically, technologically, culturally, and regulatory shape markets and consumers behaviour. There is a surge coming. You can smell the Roaring 20s.
And like every period of change, this will come with a health warning. What goes up.... No matter, this is what it is right now. Be ready.
Marketing is fundamental to realising growth and innovation.
The sharpest, most exacting means of capturing this market-on-the-up is in your marketing toolkit.
The balance of marketing best practice with emergent new opportunities is best led by multi-disciplined marketers who can deliver end-to-end. While working with specialists to deliver at speed. The mix needs to be right.
Stay busy understanding changes in consumer behaviour and markets to fulfil looming expections and problems. And, measure, measure, measure.
"Everything comes to him who hustles while he waits", Thomas Edison (the man who switched on the light bulb 100 years ago).
Be ready for revenge, be ready for the roar.
It IS an exciting time for marketers and innovation - measure, measure, measure is key. Thanks for sharing Ian.
UK MD & Europe Commercial Lead
4 年I like to think about it as Renaissance but I sure like the idea of Revenge too! ??