The Insights Family, the global leader in market intelligence for kids, teens, parents, and families, released its highly anticipated Industry Impact 2024 Report. This comprehensive study examines the challenges, trends, and opportunities shaping the landscape for organisations operating in the kids’ and family markets.

Conducting primary research with input from over 100 industry experts and leveraging realtime data from more than 3 million families across 22 markets, The Insights Family provides a detailed analysis of the industry’s current pulse. The report 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.

The findings highlight a pressing need for flexibility and localisation among organisations to effectively engage their target audiences. It underscores the critical role of market intelligence in 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.

“Our Industry Impact 2024 Report provides critical insights into the current landscape of kids’ and family markets,” said Nick Richardson, Founder of The Insights Family. “Since I founded The Insights Family in 2017, it’s been clear that there have been a significant number of key challenges and opportunities which industry professionals have been faced. 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!”

To download a free copy of the Industry Impact 2024 Report, visit: https://go.theinsightsfamily.com/industry-impact-2024-report

WEBINAR ANNOUNCEMENT
To go deeper into the findings of the Industry Impact 2024 Report, The Insights Family’s founder, Nick Richardson, is hosting a webinar on Thursday, 18 July 2024, at 4 PM BST / 11 AM EDT. Nick will be joined by industry experts including Ian Wickham of Licensing Link, Danielle Davies of Meon Media, and Tristan Brooks, Managing Partner of Havas Media, as they discuss the report’s insights and their implications for the future of the kids’ and family markets. Register for the webinar at: https://events.teams.microsoft.com/event/e9678d4f5958-4861-8d95-263853d45acb@ce6c2103-e516-4773-9412-8c2526d1ad9c

ABOUT THE INSIGHTS FAMILY
The Insights Family is the global leader in kids, teens, parents, and family market intelligence, providing real-time data on their attitudes, behaviours and consumption patterns. By speaking to c700,000 family members from 22 countries each year, we provide a voice to 59% of the world’s population, and 79% of the global economy. Kids Insights and Parents Insights operates in Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Ireland, Poland, Japan, Mexico, the Philippines, Saudi Arabia, South Africa, South Korea, Spain, Turkey, UK, and the US.  Clients include Amazon, BBC Studios, Disney, Finsbury Foods, Merlin, LEGO, Outright Games, Paramount and Warner Bros Discovery. https://www.theinsightsfamily.com/