The ‘20s: Roaring or Boring?
By Toby Smalley, EVP, Client Service at MERGE
Caveat — don’t read this article thinking there will be an answer to this question. If I knew the answer, I certainly wouldn’t share it here. For free.
There has been tons of speculation about what is coming ahead for marketers in the next decade, spurred by the similarities of the 2020s to the 1920s, primarily due to the presence of global pandemics at the start of each decade. Fun fact: The inauguration of Warren G. Harding, sworn in in 1921, and Joe Biden, sworn in in 2021, have this in common — both men were sworn in without their predecessors there.
So what else do these time periods have in common and what can we expect? Let’s go back to 1920 — the economy was experiencing slow economic growth, but it did start to see widespread adoption of the assembly line, the automobile, radio, motion pictures, indoor plumbing, and labor-saving electric appliances. Consumerism and mass culture took shape. It was the decade of art deco and jazz, Coco Chanel and Walt Disney, The Great Gatsby, and the Harlem Renaissance. It was “the first truly modern decade,” says retired Marquette University economic historian Gene Smiley.[1]
When looking at the 2020s, we need to keep in mind that the U.S. economy has been in moderate-to-steady growth since the Great Recession of 2008. The longest bull market in history. And when looking at the advances in innovation, nothing compares to the advent of the automobile, radio, indoor plumbing, etc. Yes, we have seen some great technological advances over the past few years, but the similarities are not really there.
So what could drive a Roaring 2020s? The pandemic lockdown has accelerated the adoption of technologies such as videoconferencing and digital commerce that will keep paying dividends long after the virus is vanquished. McKinsey & Co. says a global survey of executives revealed that they were a “shocking” seven years ahead of where they planned to be in terms of the share of digital or digitally enabled products in their companies’ portfolios.[2]
What could really drive the 2020s, but not to the dizzying heights of the 1920s, is the amount of cultural change and the speed at which we are seeing it unfold that will favor the nimble and the agile. The technology we have today allows people to stay even more connected than ever, and those tighter connections are driving cultural conversations quicker than ever. Racial and economic inequality are not just ideas — we’re seeing actual movements taking place to start conversations that will hopefully drive meaningful change in the world we live in.
In addition to cultural and societal changes, environmental concerns are becoming more and more prevalent.
An average of seven in ten people report that climate change is having at least some effect on the area they live in. About half or more consider climate change to be a very serious problem. And 63% of Americans feel the Federal government is doing too little to address the issue.[3]
Many times, when the government fails to act, U.S. consumers speak with their pocketbooks and wallets.
63% of Americans are hopeful businesses will take the lead to drive social and environmental change moving forward, in the absence of government regulation, and 78% want companies to address important social justice issues. 87% will purchase a product because a company advocated for an issue they cared about, and 76% will refuse to purchase a company’s products or services upon learning it supported an issue contrary to their beliefs.[4]
So will the 2020s be Roaring or Boring? I think neither. But it will be moving faster than ever. Technology will continue to increase the speed at which things happen in our world, human connections and communications, even though they may be digital, will be tighter, and consumers will demand companies adapt consumer’s desires for action.
What does this all mean for marketers? Agility will be critical to meet the pace of change in our world, a strong strategy that is purposeful will be table stakes, and the ability to tell your story across the entire consumer digitally driven ecosystem will be more important than ever.
[1] Bloomberg Business Week, The 1920s Roared After a Pandemic, and the 2020s Will Try, 1/26/21
[2] Ibid
[3] Pew Research Center
[4] Cone Communications, 2017
