Q: What economic trends do you expect will impact your business in 2024?
Dr. Joel P. Martin
President
Positively Powerful / Triad West Inc.
Sector: Business Consulting
The experience economy is a trend that will significantly impact our business in 2024 and that we will be leveraging on behalf of our clients, and women specifically. Consumers unquestionably desire experiences, and companies that have the distinct advantage of explicitly designing and promoting educational, inspirational and empowering experiential programs will be more apt to succeed.
This trend calls for creating new revenue streams of memorable reminders through the use of technology and AI to boost content creation.
These are complicated and challenging times. DEI is essential because it’s how you hire and engage your people, craft your brand image, and build the great culture you want to tell the world you have. By staging experience-driven events for organizations whose leaders wish to create cultures of fairness, equity, transparency, belonging and safety for their people, we will reframe our expertise to fit with today’s opportunities to make an interactive, inspirational and informative difference. One example of this was the Hybrid Positively Powerful Education Summit and Woman Awards Conference, which we designed as an experiential event.
Dr. Joel P. Martin, president of Positively Powerful / Triad West Inc., has more than 30 years’ experience as a specialist in Transformational Leadership and Diversity, Equity and Inclusion. She is considered “a genuine genius in her approach to transformative experiential education” and one of “the best in the nation for delivering breakthrough leadership performance.” Dr. Martin has worked with hundreds of thousands of clients across the U.S. and internationally.
Jerry Rose
Independent Travel Advisor
Frosch – Scottsdale
Sector: Travel
Even with world events being such as they are, there are some definite economic trends that I expect in 2024. Not necessarily in order, but I do see a trend for more solo travelers as well as more multi-generational vacations. There are several cruise lines offering “specials” for the single traveler as well as companies providing a shared experience for grandparents, children and grandchildren. That said, I further expect to see an increase in early bookings. Travelers will plan further ahead so as to ensure availability and take advantage of any unique and timely offers.
In addition, there will be renewed interest in cultural journeys with focus on understanding other identities and backgrounds as well as a convergence of sustainable and indigenous travel where clients can help local communities and engage in a more hands-on approach, such as home visits, cooking classes and personal interactions with locals. Africa, the Galapagos Islands, the South Pacific and Asia will likely see an increase in tourism.
After 20 years in public education, I pursued an opportunity in the travel industry. Purchasing a travel agency, then acquiring a second agency and growing the business over the past 40 years has truly been remarkable. I’ve traveled throughout the world and enjoy planning both mundane and exotic adventures for my clients. Being exposed to different cultures reinforces the saying, “Travel is the only thing you buy that makes you richer.”
Eivan Shahara
CEO of Brightroot Inc.
(parent company of Mint Cannabis)
Sector: Retail
We are anticipating an even busier 2024, as we prepare to employ more people to serve more customers at our additional dispensary locations. The marijuana industry is blossoming into a significant job creator. It’s estimated that the cannabis industry employs about 500,000 full-time equivalent positions in the U.S., with about 280 new jobs being added daily. This showcases a promising trend, as more than 100,000 new jobs were established in the previous year, making the cannabis industry one of America’s fastest-growing job sectors.
In terms of consumer spending, we’re seeing cannabis customers visit our dispensaries more frequently with smaller basket sizes. (During the pandemic, we saw customers visit less frequently but with larger basket sizes.) We’re responding to this trend by continuing to offer day-of-the-week deals, stock-up-and-save promotions, giveaways and buy-one-get-one offers to drive additional traffic and sales at our locations. We have also responded by incorporating more conveniences, like online ordering and drive-thru pick up.
While the industry waits on the federal government to make a move, more U.S. states are legalizing cannabis, reflecting the public’s changing attitudes toward the plant. A substantial 88% of adults currently favor legalizing marijuana, which could pave the way for more relaxed regulations in the future. The growing acceptance and understanding of medical cannabis and adult-use cannabis benefits is allowing our industry to continue to flourish.
For every $10 spent on cannabis, an additional $18 is projected to be channeled back into the economy, predominantly at the local level, from jobs to taxes to real estate, so the continued growth of our industry in 2024 is also good news for local economies.
Eivan Shahara is CEO of Brightroot Inc., the parent company of Mint Cannabis. Headquartered in Arizona, Mint Cannabis is a national operator of dispensaries and cultivation facilities in Arizona, Michigan and Missouri, with plans underway to expand to Massachusetts, Illinois and Nevada. Mint Cannabis operates the third-largest dispensary in the nation and the only fresh cannabis kitchen of its kind in the country.
