As we transition from the challenges of 2020 into the unknown that is 2021, I’m likely not alone in trying to anticipate what’s to come in the new year. While no one has a crystal ball, we can at least do our best to read the tea leaves that have been put out in the atmosphere.
The most prevalent factors for the new year I’m seeing thus far appear to be… COVID-19 business recovery, high but declining unemployment, stock market record highs, and of course- how the vaccines will change the economic growth trajectory.
In digging a bit deeper into what the experts are saying, here are two notable projections:
UCLA Anderson Forecast Report
- 2 more quarters of slow growth (1.2% in Q4 ’20, 1.8% Q1 ’21)
- Robust growth of 6% in the second quarter of 2021
Deloitte Economics Spotlight
- Consumer spending will continue to feel the weight of COVID-19 and its economic impact for the next two quarters as the job market remains weak
- That is expected to change by the second half of 2021 as rising vaccinations thwart the spread of the virus and the public health situation starts returning to normal
So net net- we’ve got to hunker down for the next couple quarters as we trudge through what will (hopefully) be the winding down of the COVID-19 business impact as vaccines get distributed. The bright spot is that once things start to normalize, there could be a potential ‘opening of the flood gates’ as consumers and businesses try capitalize on 12 months+ worth of pent up demand.
We are in a very unique position, not like any other I can ever remember in my career. We are stuck in an economic slowdown -> yet we have a fairly reliable view into the light at the end of the tunnel.
With that said, I want to challenge my fellow Marketing Technologists out there…
- What are you doing today to take full advantage of the opportunity when the floodgates open?
- What changes do you need to make for the post COVID-19 digitally focused economy?
- How are you planning to shift from physical to digital?
- Do you realize that if you wait until H2 2021, it may be too late?
- Will you be ready?
Please share any thoughts / comments on your 2021 plans, and what you’re doing to obliterate the competition.