2022 Market Predictions and Forecasts
And just like that, we are in 2022!
With a new year, comes new forecasts, trends, and business plans. It can feel overwhelming knowing what to listen to, what the next step should look like, and what to plan for. That’s why I’ve done the work for you.
Here’s what the market predicts:
Home sales are expected to increase by 6.6%, especially in the suburbs, with prices increasing roughly 2.9%
Incomes are expected to increase by 3.3%
4.53 million people resigned from their jobs in November 2021, a record high for the year
Oil, natural gas, coal prices, are up globally
Workplace flexibility is increasing with more employee decision power
The wellness industry is valued at $4.5 trillion and expected to only increase from here
Consumers want their purchases to have have significance, especially environmentally
Collaborations and partnerships are on the rise
A focus on client experience is a hot topic right now as well as client loyalty & retention
Selling online will be non-negotiate
OIL , NATURAL GAS, AND COAL PRICES
“Oil, natural gas, and coal prices are up globally which means many of the every day products we use should be expected to rise in price,” stated International Logistics Manager and Founder of Strongerlike, Inc, Stephanie Laffey. “Even if the product itself is manufactured in America, most of the raw material prices are manufactured in other countries. A combination of high inflation, foreign tariffs, congested ports, lack of truck freight nationwide are all indicators of increased prices for consumer goods - from clothing to cameras to computers to coffee. If it costs a product manufacturers & makers more money to build their products, they will raise their prices.”
Stephanie recommends as a small business owner to consider sourcing things you rely on for business locally. “Instead of online shopping, go to the store or in person markets (Hey, it’s also a free chance to network too!). Otherwise, you could be waiting weeks to get your things.”
HOUSING MARKET & WORKPLACE CHANGES
With the increases in salary and home sales, this shows that people have money to spend. With more flexibility in the workplace, this allows for more work from home situations and thus the increase in suburban living as people live further away from their company’s headquarters.
This means that people have discretionary money to spend and with the flexibility of working from home and the recent resignation, it’s likely you’ll see an increase in new business and entrepreneurship.
Those of you who work with newer entrepreneurs, this is a huge opportunity for you!
WELLNESS AND HEALTH INDUSTRY
As the wellness industry grows, expect to see an increase in purchases made on CBD, sleep care, massage, water bottles, exercise equipment, and kitchen appliances. This increase tells us that people are spending more time at home and are focused on their self-care, well-being, and finding balance.
For those in the wellness industry, this is your time to shine!
What this means for you IS self-care is a major desire right now. Consumers are burnt out, struggle with finding balance, and want a healthier lifestyle. As a business owner, I recommend you find a way to incorporate that into your business if you can.
PURCHASING WITH INTENTION
Recent survey’s are showing that consumer’s want to know that their purchases have purpose and significance (i.e. they are purchasing towards a greater cause and it’s good for the environment). As a result, you may see an increase in buy back/circular programs and environmentally made products.
That means, if you aren’t already considering these options, it might be time to start strategizing and implementing them.
For those who own a product-based based business, is this a big opportunity for you to look into reusing packaging or more eco-friendly options. Maybe even the start of a rewards program?
If you’re in a service-based business, do you collaborate with others within the community? Do you volunteer? Share about how you show up and the significance of working with you specifically.
PARTNERSHIPS & COLLABORATIONS
Partnership and collaborating with other entrepreneurs and businesses is a fabulous way to expand your network, reach new audiences, and bring your brand personality to the forefront. Don’t be afraid to reach out and ask how you can partner with someone. You never know what it can lead to. (Pun intended of course)
If you’re not sure where to start, consider what is related to your business and is maybe something you don’t offer? For example, if you are a dog training business, you could collaborate with a dog food company or even a dog clothing company.
Another out-of-the-box idea is to reach out to someone you view as a mentor! Through collaboration, you normally learn a thing or two that can positively influence your own business. Just make sure whoever you ask to collaborate with, it is mutual beneficial. You’ll have better outcomes as a result!
SELLING ONLINE IS NON-NEGOTIABLE
One of the most staggering forecasts I came across was that nearly 51% of purchases were made online in 2021. That’s significant to think about and proves that selling online is non-negotiable. What this means for you as a business owner, is that selling online is going to be powerful going forward and learning how to effectively sell online could be crucial to reaching your 2022 goals.
Now, keep in mind, this does not say HOW to sell online or where, simply that you do. So consider where you can show up: i.e. social media, collabs, websites, etc. There are many creative ways to do so.
When selling online, just remember, you have to make it EASY to say yes. If a lead has to jump through a bunch of hoops just to pay, you’re going to loose them.
I’m curious, what do you think of these market predictions and forecast trends for 2022? Did any of them surprise you? Share with me in the comments.
SOURCES
Deutch, Kira. “Top 8 Retail Trends in 2022.” Square Up, 8 Dec. 2021, https://squareup.com/us/en/townsquare/retail-trends
JeffCoxCNBCcom. “A Record 4.5 Million Workers Quit Their Jobs in November.” CNBC, CNBC, 5 Jan. 2022, https://www.cnbc.com/2022/01/04/jolts-november-2021-record-4point5-million-workers-quit-their-jobs.html.
Kodali, Sucharita, et al. “Predictions 2022: Retailers Will Compete on ‘Pre-Loved," Returns - and New Partners.” Forrester, 3 Nov. 2021, https://www.forrester.com/blogs/predictions-2022-retail-trends/
Marr, Bernard. “The 10 Biggest Business Trends for 2021 Everyone Must Be Ready For.” Forbes, Forbes Magazine, 10 Dec. 2021, https://www.forbes.com/sites/bernardmarr/2020/12/07/the-10-biggest-business-trends-for-2021-everyone-must-be-ready-for/.
Richardson, Brenda. “Experts Predict What the Housing Market Will Look like in 2022.” Forbes, Forbes Magazine, 4 Jan. 2022, https://www.forbes.com/sites/brendarichardson/2021/12/13/experts-predict-what-the-housing-market-will-look-like-in-2022/?sh=1f34ee893942.
Laffey, Stephanie. “Supply Chain Forecasts for 2022 Interview.” International Logistics Manager, Industrial Minerals Group, Traxys North America LLC and Founder of Strongerlike, Inc. 7 Jan. 2022. https://www.strongerlike.com/