The Insights Family, the market intelligence for kids, teens, parents and families specialist, has released its highly anticipated Industry Impact 2024 report. The comprehensive study examines the challenges, trends, and opportunities shaping the landscape for organisations operating in the children and family markets.
The research with input from over 100 industry experts and leveraging real time data from over three million families across 22 markets, provides a detailed analysis. It reveals that organisations in these markets are navigating budget constraints amidst evolving societal and economic factors, while the growing influence of empowered youth and media fragmentation is altering market dynamics, contributing to heightened uncertainty about the future.
“What is so interesting in this report, is that we have taken not only the views of the professionals but also provided examples of our own data as context to demonstrate why organisations need to continually adapt their strategies as this generation moves faster than any in history”
Nick Richardson, founder of the Insights Family
Nick Richardson, founder of the Insights Family, said: “What is so interesting in this report, is that we have taken not only the views of the professionals but also provided examples of our own data as context to demonstrate why organisations need to continually adapt their strategies as this generation moves faster than any in history.”
The research underscores the critical role of market intelligence on informing strategic decisions and fostering innovation to maintain relevance.
Key findings from the Industry Impact 2024 Report include –
- Budget restrictions – nearly 7 in 10 industry professionals identify budget constraints as their primary obstacle, compounded by concerns about limited access to market intelligence.
- Kids empowerment on the rise – a notable 20% year-on-year increase (now at 41%) in teens planning their futures signals a significant shift in market dynamics and presents strategic opportunities for organisations.
- Going global, staying local – 72% of industry professionals recognise the mounting challenge of engaging kids, highlighting the need for localised strategies.
- The need for flexible business models – 26% of industry experts acknowledge organisational rigidity as a barrier to adapting to market conditions.
- Looking ahead – 84% of professionals express uncertainty about how their organisation will operate in the future and the effectiveness of their marketing efforts.
https://go.theinsightsfamily.com/industry-impact-2024-report
