Half Way Through 2021 (2020 – a year to ‘remember’ AND forget at the same time!)
2021 – I remember the excitement of ending 2020 (‘thank goodness that’s over!) and the hopeful way in which we entered 2021. The pandemic is still in our (recent) memories. Things seem to be opening up cautiously. Some things are more open than others. Some of us are more comfortable than others with what is open. 2021 is evolving – as are our behaviors.
Each year, multiple organizations develop lists of trends that will impact us for the year/foreseeable future. This year, the most impactful list (to me) was from McKinsey & Company. Their list, The Next Normal Arrives: Trends That Will Define 2021 – and Beyond (see https://www.mckinsey.com/featured-insights/leadership/the-next-normal-arrives-trends-that-will-define-2021-and-beyond), had some interesting insights. While I will not list each of their trends, here are a few of the highlights:
- The return of confidence unleashes a consumer rebound: The term Revenge Spending was introduced. It is defined as the money we are spending at restaurants and entertainment venues now that we are getting ‘back to normal.’ It is an odd term, but it is indeed happening!
- Leisure travel bounces back but business travel lags: Airports are busy again; hotels are booked. A lot of the destinations are areas where you can be outside. Regardless, we are travelling again! (‘Revenge travel?’)
- Pandemic-induced changes in shopping behavior forever alter consumer businesses: We as consumers tried new brands – found through internet searches. Some traditional brand loyalty went away. New brands found surprising success.
- The future of work arrives ahead of schedule: While working from home was a luxury pre-COVID, it is now the norm. We learned we can be effective in new/different ways. While this is not universal (by market, industry or function), we are seeing new work/life integration strategies. And from the McKinsey Global Institute: “The McKinsey Global Institute estimates that more than 20% of the global workforce could work the majority of its time away from the office – and be just as effective.”
I encourage you to read the entire report (it is an easy and entertaining read). Participate in the trends (if you haven’t already) and enjoy 2021 with renewed enthusiasm!