The Insights Family has released its Industry Impact 2024 Report.
With the advisement of more than 100 industry experts and data from more than 3 million families across 22 markets, the study includes comprehensive information about challenges, trends, and opportunities in the kids’ and family markets.
Highlights from this year’s report include a high number of industry professionals identifying budget constraints as an obstacle; an increase in teens planning their futures; and a push for localized strategies, with 72% of industry professionals recognizing the challenge of engaging kids.
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 organizations need to continually adapt their strategies as this generation moves faster than any in history.
Overall, the report indicates ever-changing market dynamics, with media fragmentation and other trends highlighting the need for organizational adaptability. The report indicates 26% of industry experts acknowledged organizational rigidity as a barrier to adapting to market conditions. Concerns about the industry’s uncertain future also played a part in this year’s report, with 84% of professionals expressing uncertainty about how their organization will operate in the future and the effectiveness of their marketing efforts.
Nick Richardson, The Insights Family’s Founder, will also be hosting a webinar on July 18 to discuss the report’s findings with industry experts including including Ian Wickham of Licensing Link, Danielle Davies of Meon Media, and Tristan Brooks, Managing Partner of Havas Media. Registration for the webinar is available online now.
The Industry Impact 2024 Report is available to download for free now on the official webpage.
