34 Issue 250 - December 2023 / January 2024 www.signlink.co.uk 2024 PREDICTIONS A major trend is that demand for ecofriendly materials is going to keep growing. The biggest UK supermarkets are already using Envirotech materials, which inevitably leads to a growing interest in sustainability from smaller companies. We’re preparing for a tangible change in buying habits towards more eco-friendly options in 2024. Companies are also putting more focus on choosing suppliers with strong environmental values. This used to be mostly in the public sector, but now private companies are following suit. It's becoming crucial for businesses to partner with suppliers who prioritise sustainability. Looking at challenges, 2024 is expected to be uncertain economically. Print buyers are likely to make smaller, more frequent orders. This means our industry will need to be ready to be more responsive and provide just-in-time service. Adapting to With the year drawing to a close, we ask industry members what they believe the challenges and trends facing the sign and wide-format print industries will be for 2024 What will be the steering factors in 2024? In terms of challenges, we have seen some long-standing print companies disappear from the industry this year and many other companies are finding the current marketplace difficult. It’s important that print businesses can diversify and adapt to remain buoyant and competitive. It feels like next year could be a better year, but we still need to be focused on any competitive advantages we may have. I’ve noticed that many companies are introducing new capabilities to their businesses and expect this to continue next year. We’ve seen a surge in customers looking at more sustainable options this year and this looks to be a trend that will increase next year. It’s important for printers to be looking at how they can improve their carbon footprint within their companies as well as looking at managing their waste and sourcing sustainable products. 2024 is predicted to be a key year for digital signage with advancing technologies and increasing demand for real-time content. As a result, digital signage is becoming more sophisticated and interactive, with the benefit of its sustainable and economic advances. Print signage may leverage augmented reality technology to enhance the interactive and informational aspect of print which in turn will maintain and enhance consumer engagement and bridge the gap between digital signage and print. Energy efficient products, materials and displays, and low impact manufacturing processes will be key along with meeting the growing demands of customers for immersive and automated products and services. There are challenges such as supply chain disruptions, economic, consumer, sustainable, workforce, and demand, with the landscape for all ever changing. However, as the signage industry moves into 2024, the key industry trends indicate that it is embracing technological innovations and prioritising sustainability and consumFrom our perspective, we're still seeing the problems generated by the energy crisis last year and the general "covid recession" continuing. Although, the Bank of England's announcement to hold the current rate is a welcome announcement so hopefully we'll see that starting to drop at some point in the next six months. In terms of challenges for 2024, we're not anticipating it to be much different from 2023. Costs are continuing to be high and economic uncertainty is going to continue throughout 2024, impacting demand, margins, and client budgets. Client decision times seem to be getting drawn out and this is going to continue to affect pipeline and workload planning. The talent pool seems to be reducing and the attraction of young people into the industry is going to continue to get harder and harder. In terms of trends, we're seeing and expecting the continued move towards digital signage and IOT [Internet of Things]; the continued move towards sustainable signage and sustainable delivery; and we are seeing further regulatory compliance throughout the client base and government with stricter control around product time, light regulations, and ultimately requirements for health and safety compliance and maintenance regimes. From a traditional product perspective, we predict our customer base will continue their move away from traditional neon, with LED imitations now becoming more and more popular. We're also expecting to see the industry continue to shrink, with mergers, acquisitions, and liquidations likely to be top of the agenda for a number of players within the marketplace. this shift will be vital for staying competitive. We've also taken proactive steps to address geopolitical challenges. We're making significant investments in nearshoring our supply chain. This has helped many printers reduce their supply chain risks, making them more resilient in an unpredictable global landscape. But amid these challenges, there are plenty of opportunities. Successful companies know that in tough times, increasing marketing efforts can give them an edge. Print buyers are going to be looking for unique and innovative ways to stand out and as an industry we’ve got a unique ability to help them do that. From Innotech’s perspective, we’re very well prepared for both the challenges and opportunities and are very much looking forward to another year of helping our industry to grow. Nicole Spencer President of FESPA UK Association and managing director of RMC Digital Print Derek Shedden Managing director of Innotech Digital Sara Horlock Group sales manager of FESPA David Derbyshire Head of ISA-UK Technical Committee and former owner of Astra Signs UK er-centric experiences. The integration of augmented technologies in both digital and print signage will shape the industry and in turn meet the ever-changing demands of consumers and audiences.
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