By Gary Symons
TLL Editor in Chief
Market intelligence firm The Insights Family has released its annual Future Forecast 2023 report, which predicts 12 key trends in the kids, teens, parents, and family universe to watch out for this year.
This is the fifth edition of the Future Forecast 2023, and the The Insights Family says the annual data release is proving to be a highly anticipated and critical tool for the industries we work with to strategically plan for the year ahead,” the company says. “The report has previously predicted the rise of Direct to Consumer (2017), Generation Speak (2018), Co-Creation (2020) and last year predicted the furthering of flexible working.”
The report is of particular interest to licensing companies, manufacturers, retailers, marketing firms, and brands that are focused on products for children, teens, and/or families.
It is based on the company surveying more than 700,000 family members across 22 countries every year, which has continued to track and monitor the impact of several key factors such as environment, economy, education, technology and changing audience habit.
Founder and CEO Nick Richardson says a key finding is that younger people are becoming more influential in how money is spent by families, making them a critical demographic.
“The world is changing,” Richardson says. “We are seeing throughout our data that kids and teens are becoming more influential within their households and amongst the family.
“Their attitudes, behaviour, and consumption patterns are developing in line with the beliefs they hold true to themselves and will act upon,” he added. “Kids and teens increased financial empowerment and connectivity has granted them greater power and influence than they have ever had before. That’s why here at The Insights Family, we have realigned our purpose to inspire organisations to put kids, teens, parents, and families at the heart of everything they do.”
The report is written with the intent of providing a real-time understanding of these factors into how they are transforming the attitudes, behavior, and consumption of kids, teens, parents and families around the world.
This year’s predictions include:
- The perfect storm of post covid impact and economic downturn will inevitably impact the sea of subscriptions on offer to consumers. Subscriptions will need to merge to stay relevant against this global economic background.
- Gaming will come to the high street by merging virtual experiences with real time shopping and event based high street fun.
- Gamified communities will become a greater factor in your brand ecosystem in order to reach your target audience. How you execute it will be critical.
- Demonstrating your values and sustainability mission in an authentic way will be important in a world where audiences continue to increase their power and collective voice on brands that do or DON’T adhere to their high standards – and most critically their spending power en masse could make or break your brand.
- Linear is making a return in the wake of economic concerns and the growing urge to cut costs.
- A kid first world will continue to grow with non-kid focused sectors looking to develop their brand and marketing strategies to include family and kids. The power is with kids and that trend is only getting stronger.
- The eco system available to brands to reach an increasingly fragmented audience is growing. An ecosystem approach to your brand is critical to face 2023 with the chance of reaching kids, teens, parents and families.
The Insights Family have made the report available for free. The complimentary Future Forecast 2023 report is available to download by visiting: get.theinsightsfamily.com/futureforecast
The Insights Family earns its revenue by providing key market data for major corporations around the world.
Kids Insights and Parents Insights operates in Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Poland, Japan, Mexico, the Philippines, Russia, Saudi Arabia, South Africa, South Korea, Spain, Turkey, UK, and the US.
Clients include Amazon, BBC, Danone, Disney, F1, Havas, Initiative, Kraft, LEGO, Mattel, McDonald’s, MediaCom, Nintendo, OMD, PBS, PepsiCo, Pokémon, Starcom, Viacom, Warner Bros and Wavemaker.