A new report suggests that the circular economy could become more of a ‘hexagon economy’ in the future.
The 2024 edition predicts that younger teenagers (13-15) will reinvent the circular economy, turning it into the ‘hexagon economy’ made up of six key areas: Reduce, Reuse, Repurpose, Resell, Represent and Recycle.
They believe this could create a whole new consumption pattern within the economy.
The views of older teens (16-18) predict a rapid rise in the desire for customisation, which essentially means that organisations and business models will need to evolve significantly to remain relevant and profitable.
Other predictions in the report include how for preschoolers (3-5) arts & crafts-related hobbies and contents are going to further grow in 2024, and even poses the question of whether we will see kid influencers teaming up with arts & crafts companies to build a scalable subscription business.
As for tweens (10-12), the report predicts how that age group will pioneer more niche interests, media and brands to become the new mainstream for the next generation.
Previous reports have predicted trends such as the rise of Direct to Consumer (2017), Generation Speak (2018) and Co-Creation (2020), with last year’s edition including predictions such as the ‘significant growth of in-game shopping’, ‘how kids will become the next generation of entrepreneurs’ and ‘TikTok has become the next generation’s go-to search engine’.
“Our 10 predictions for this year have been curated by our incredible team of researchers, data analysts and insight professionals,” said Nick Richardson, founder of The Insights Family.
“They are based upon essential context and interrogation of the significant revolutions and evolutions that might be on the cards.
“As IP owners, entertainment companies and brands we understand that you deal in the fast-paced ecosystem of kids, tweens, teens, parents and families. I really think 2024 is going to be the year we see this next generation make some significant noises that will start to transform society norms, both from an economic and social perspective.”