My predictions for 2024 (and how they can help your business)

I’m often having pinch-me moments thanks to the people I get to meet through my job and consider myself to be really ridiculously incredibly unbelievably lucky. As well as speaking to thousands of you and gathering the wealth of knowledge you share, I get access to many industry ‘brains’ and the extensive research they have carried out, too. From the white papers and behavioural data from retail specialists, to the panels I sit on, I’m conscious there’s a lot of information out there that might help your business, that you might not always get to know. So I’ve summed it up to pass on here. Without further ado, here are my top ten tips.

1. Transparency, honesty and authenticity

In Euromonitor’s Voice of the Consumer survey, more than half the respondents said they now only buy from brands they trust¹ and Merriam-Webster’s word of the year for 2023 was authentic. Honesty and integrity are more important than ever. Plus, if you look at the most engaging Christmas campaigns for 2023, The Times recently reported that the viral success of the Charlie’s Bar video — a heartwarming advert to entice people to an Enniskillen pub — was, “off the scale”.² In fact, it got more than 10 million views on social media in a matter of days… and it was made on an iPhone for £700. With the world in a state of flux (to say the least!) customers want authentic brands — and I just know this is where small businesses excel. Share how you make things, with what and the way you do business. It’s partly your brand story and the behind-the-scenes of your everyday that sets you apart from the corporates. It’s building that personal relationship with people through a handwritten note or engaging anecdote. How could you do more of this in 2024?

2. Politics of the people

Without a doubt, 2024 will be a polarising year politically. In 2023, King’s College London reported that the UK has, “Internationally low levels of confidence in its political institutions, with confidence in parliament in particular halving since 1990.”³ With an election on the horizon, it’s likely to continue to be a turbulent time. But for all the bad news this brings, it does give an opportunity for small businesses to try to change the world where governments have failed — but mindfully. To offer hope. Not everyone likes politics with their purchases, so it doesn’t need to be overt. Yet how can you empathise with what customers are thinking and feeling? What products could you create to show the positive impact that comes from people power or showing that small can be mighty?

Have you thought about who you could help through the way you run your business perhaps? We have socially conscious independents on Holly & Co who are giving back to local communities, or hiring workers with neurodiverse or physical support needs, for example (like ARTHOUSE Unlimited) or those who work in a way that helps women achieve financial and social independence (like The Jacksons). There are many ways for us to make a difference.

3. Anti-anxiety / pro-escapism

It’s no secret that we’re all a bit over it is it? Bank balances are low, the cost of living is high and many people are time-poor and let’s face it, run ragged on top. Couple that with stories of war, climate crisis and greed, our stress levels are peaking. We need something to ground us. How can you show empathy with this, create anti-anxiety products or use your brand to share a smile or support optimism? Euromonitor said that what consumers need in 2024 is ‘delightful distractions’. They say, “Small (unexpected) surprises or little acts of cheer can satisfy this demand to an extent. Shoppers will also look for products that elicit those rewarding emotions. The dopamine dressing fashion craze is an example of this trend. And they’ll search for entertainment that excites or experiences that serve as a temporary escape too.”⁴ Similarly, the forecasters at Trend Bible believe this will manifest itself in people wanting to celebrate in authentic ways for all kinds of occasions⁵… which happens to be great news for small businesses making thoughtful gifts!

4. Green? Yes. Greenwashing? No

When Mark Shyler came onto my Instagram Live to talk about greenwashing and what small businesses can do to avoid it, he shared a report that says, “In the past year (September 2022 – September 2023), one in every four climate-related ESG risk incidents was tied to greenwashing.”⁶ People are paying attention and it’s a hot topic. Euromonitor’s trend forecast for 2024 supports this. It states, “While consumers are attempting to live more sustainably, they question whether companies and governments are fully utilising available resources to create a meaningful impact. They want organisations to step up and show proof of their eco pledges.”⁷ That means saying how an item or process is ‘eco-friendly’ or ‘sustainable’.

It’s also about actively demonstrating how you are helping to fix the problem, not just showing you’re not adding to it. Becoming a B Corp is one way you can do this. It’s highly likely that upcycling and the circular economy will excel off the back of this, too. Is that something you could look into? Adding your craft to products that would otherwise go to waste? Creating plantable products like wrapping paper, cards or notebooks perhaps? We have a lovely selection of small businesses on Holly & Co doing this already. Have you thought about using recycled materials or different techniques for manufacturing, using non-toxic dyes and so on? On Pinterest, the ‘small scrap wood projects’ search term was up by 1,220%⁸ in 2023 and that’s just one area!

5. Redefining age, redefining women

Showing real women and what we are capable of has never been more important and it’s a passion of ours at Holly & Co (hence why 90% of our small businesses are female founded, and of those, 80% and aged between 40-65). They say that when women hit 40 we become invisible, yet why should that be, when we’re coming into our prime? Research from CreativeX, shows that in 2022, despite people aged 60 or older making up 23% of the UK population and holding around 25% of global spending power, only 3% of digital media budgets are allocated to ads aimed at this group.⁹ It’s up to us to make sure people can see themselves reflected in our advertising. We love how Patroula Jewellery uses her real fans and target audience as models in her photography. Is this something you could do, too?

We also need to recognise how women of all ages are changing. In 2022, The Guardian reported that, “In 1971, just 18% of 30-year-olds had no children — today the figure has risen to 50%.”¹⁰ Also, according to the Institute for Family Studies, marriage is, “Disappearing in Britain and will likely all but fizzle out sometime in the second half of this century.” The UK census confirms that compared to 1991, adults in 2021 were 44% more likely to have never been married.¹¹ If the figure continues to grow, what effect might this have on your business? Are you talking to today’s woman? If engagements and baby showers aren’t the main milestones in her life, what else could you help her celebrate? Starting a business? Renovating a house? The anniversary of getting the rescue dog that has rescued her? Diversity and inclusion in all its guises must continue to be a core business factor. These are values that are important to consumers.

6. The wealth of health and wellness

The number of people focusing on their health and wellness is increasing and this is becoming a real focus point in retail. It seems to be driving a fresh demand for products and services that help support a healthier lifestyle, quickly. WGSN reported that more than 20 billion people have watched #selfcare videos on TikTok and there are more than 60 million #selfcare posts on Instagram.¹² Pinterest also shared that the term ‘bodycare’ was up by 845% in 2023.¹³ More specifically, it seems that sleep management, weight problems, stress and mental health are the top priorities and for any businesses considering innovating in these areas. Euromonitor suggests we, “Create functional, simple solutions that are easy to adopt or refine your current product mix to home in on features that promote wellbeing.”¹⁴ How could you innovate or evolve your current products to support this?

7. Mindful communications… and TikTok

This is an interesting one when it comes to how you communicate with customers. On the one hand, people are more connected than ever. Video is seeing a continued rise as a marketing tool and TikTok too. Boomers (who have much more to spend than younger audiences) are starting to embrace TikTok, with a 57% rise outside of China of this generation now using it.¹⁵ Three-quarters of the SMEs surveyed said that TikTok has had a positive impact on their ability to reach customers in the UK. A similar number agreed that TikTok had helped them engage with more customers and receive feedback (74%), market new products and services (72%), and stand out as a business more clearly (67%)¹⁶ — so is that something to test to see if it might work for you?

That said, it’s worth bearing in mind that over-stimulation is becoming a real problem for shoppers. As this increases, so does sensory overload. And with 90% of the world’s data being created in the last two years alone — and expected to double every two years from now¹⁷ — there’s only a lot more ‘content’ to come. This potentially makes marketing channels like direct mail a great way to get cut through, and screen-free products or ideas likely to see an increase. It’s also worth considering how you are selling and if you can offer an omnichannel experience. People love to touch and feel products and enjoy the personal experience, but also love the convenience of shopping online. So high street shops should consider offering a digital experience, and vice versa.

8. Craft is the new luxury

According to The Guardian, people want something that’s ‘not on Amazon’ — which I’m sure is music to your ears as well as mine. They reported that a growing number of people are discovering the joys of going to makers’ markets, where the public buy directly from craftspeople. It’s a trend supported by TV and the internet — with shows like The Repair Shop and The Great Pottery Throwdown finding new audiences for artisan skills.¹⁸ Plus, it seems that the rise of AI is making people crave human connection. The use of AI is rapidly rising, but so is concern for it. For small businesses, it’s about embracing automation but using it more to support customer service, back end admin or to help analyse your data, for example — so you don’t sacrifice the human touch or try to replace the irreplaceable (for more on this, read my ‘Celebrating the beauty of handmade’ article). Product-wise, we’re seeing a huge growth in the area of craft kits and people wanting to learn new craft skills. Is this something you could offer as part of your range perhaps?