Reflecting on 2023, planning for 2024
11 December 2023Read our article to see our review of 2023 and our predictions for 2024
2024 – A critical year?
Looking ahead, 2024 will be an important year for business development. A general election is expected and the result will shape the operational landscape for food and grocery businesses for years to come.
Economic performance is expected to remain quite weak, with UK recovery from the shock of the pandemic gradually petering out.
The key priority for the new government will be to regain momentum and to begin reforming the economy to ensure that recovery is sustained. Policy decisions made in 2024 will be critical.
The food and consumer goods industry will undoubtedly play a key role in future economic development – it is one of the UK’s largest and most important industries.
Businesses taking a lead
The Autumn Statement included special policy measures to support investment in selected, strategically important industries. These were listed as motor vehicles, aerospace and life sciences.
However, the food and consumer goods industry was not mentioned, despite its huge economic value - food is the biggest manufacturing sector and is, arguably, more important to shopper welfare.
Whichever party forms the next government, it will be important for businesses to demonstrate that the value of the whole food system is essential to a thriving UK.
To support this, IGD has prepared a simple infographic, highlighting the social and economic importance of the food and consumer goods industry.
In the meantime, businesses will need to focus on their own development. This will involve not only grappling with a difficult commercial landscape, but also an increasingly uncertain strategic environment.
Strategic challenges include climate change, demographic shifts, environmental protection, resource shortages and others – many can be covered under the umbrella title “resilience”.
January 2024 – New Viewpoint report and food price inflation forecasts
IGD’s free social impact research in 2024 will continue to follow economic, consumer and policy matters, whilst also supporting the resilience agenda.
Our next Viewpoint report will be published on 25 January 2024. This will include:
Our predictions for what’s in-store for the economy, consumer sentiment and government policy
NEW food inflation forecasts
What to watch out for in the year ahead which may well impact those predictions
Implications for your business.