Welcome to the fast-paced world of the sign and graphic industry. As we set sail into 2024, the industry is still feeling the ripples from last year’s energy crisis and the overarching impact of the COVID-19 recession. While the recent announcement from the Bank of England to maintain the current interest rates brings a sigh of relief, challenges persist. Join ISA-UK as we explore the upcoming trends and challenges that will shape the sign and graphic industry landscape over the next year.
Challenges on the Horizon
Economic Uncertainty and High Costs
The ghost of the energy crisis and the looming shadow of the COVID-19 recession continue to cast uncertainties over the economic landscape. High costs persist, impacting demand, profit margins, and client budgets. Navigating these financial challenges will be a top priority for industry players in 2024.
Extended Client Decision Times
Patience is a virtue, and in 2024, it’s a necessity. The decision-making process for clients has stretched, doubling the time it takes for orders to be completed. This prolonged decision-making period poses challenges for pipeline and workload planning, requiring adaptability and strategic foresight.
Talent Pool Dwindling
Attracting fresh talent into the industry is proving to be a growing challenge. The talent pool is shrinking, making it harder for businesses to find and retain skilled professionals. Industry leaders must explore innovative approaches to attract and nurture the next generation of sign and graphic experts.
Anticipated Trends
Digital Signage and IoT Integration
The future is digital, and the sign and graphic industry is riding the wave. Smart city and wayfinding solutions are at the forefront of a shift towards digital signage and IoT (Internet of Things) integration. As technology continues to evolve, businesses need to adapt to meet the demands of a tech-savvy audience.
Embracing Sustainability
“Green” is not just a color; it’s a way of doing business. The industry is witnessing a surge in demand for sustainable signage and eco-friendly delivery practices. In response to environmental concerns, companies are reevaluating their processes and product offerings to align with the growing need for sustainability.
Stricter Regulatory Compliance
The regulatory landscape is tightening its grip. Clients and governments are imposing stricter controls on product quality, light regulations, and health and safety compliance. Adhering to these evolving standards is essential for businesses to maintain credibility and meet the expectations of an increasingly vigilant market.
Farewell to Traditional Neon
Neon, once a staple, is making way for its modern counterpart. Traditional neon is on a decline, with LED faux neon gaining popularity. The industry is witnessing a shift in preferences as customers embrace the versatility and energy efficiency of LED alternatives.
Industry Consolidation
In the ever-changing business landscape, consolidation is on the horizon. Mergers, acquisitions, and liquidations are likely to dominate discussions as industry players strategize to navigate the challenges and stay competitive in the market.
As we step into 2024, the sign and graphic industry faces both challenges and exciting opportunities. Navigating the economic uncertainties, embracing technological advancements, and committing to sustainable practices will be key to staying afloat in these turbulent waters. The journey ahead promises innovation, adaptation, and a reshaping of the industry as we know it. Buckle up for a year of change and growth in the dynamic world of signs and graphics, and as always, ISA-UK is here to help and assist.
European Sign Federation