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OUR BEST IDEAS, QUICK AND CURATED | OCTOBER 7, 2022
Edited by Barbara Tierney Senior Editor, New York
This week, experts predict what life will be like ten years from now—from shopping to eating to traveling in space. Plus, an interview with venture capitalist Bill Gurley, and how to address Europe’s technology gap.
When the present day feels fraught, sometimes it’s worthwhile to think about the exciting changes that may be coming down the pike. In fact, it’s conceivable that more innovation will happen in the next ten years than in any previous decade in modern history. That means life in the 2030s could be vastly different from today. McKinsey continues to ask leaders to look beyond the near-term future and envision their respective industry’s next decade. Here are some of their predictions:
Entertainment. Movies will be interactive and immersive. For example, if there’s a wintry scene on screen, you and your friends will all feel cold wind blowing on your faces. Choosing what to watch will be easy, because algorithms will know exactly what you want to see, when you want to see it, and with whom. And content will be borderless. “As technology shrinks the world, it’s really becoming one global marketplace for content,” says Jeffrey Hirsch, president and CEO of Starz.
Shopping. The in-store shopping experience will be highly personalized. When you walk into a clothing store, digital mannequins will change what they’re wearing based on what you are wearing. When it comes to groceries, we could see food containers with sensors letting you know if the item is spoiled, and edible boxes and bags.
Wellness. Once again, personalization is key. Connected devices will track your health and wellness more extensively than they can now. Your refrigerator will make suggestions about what you should eat and drink based on how much sleep, exercise, and nutrients you’ve gotten that day (probably no pizza for breakfast). If having a fridge monitor feels a little creepy, you may be interested in the growing field of data ethics. Anna Pione, a McKinsey partner who focuses on consumer health and wellness, believes there will be “a lot more offerings that let consumers triage any medical issues and take care of things mostly by themselves, so they’d only bring in a doctor when it’s absolutely necessary.”
Space. This category is fun to contemplate. A short stay at a space hotel? A weekend on the moon? Because rocket launches will become much less expensive, many more people will venture into outer space. Tens of thousands of satellites will be up there, too, allowing everyone on Earth to connect to the internet from anywhere. Experts believe space exploration will help solve problems on Earth, such as helping to mitigate agricultural challenges. “Earth-observation data allows policy makers, businesses, civil society, and the media to obtain a common picture of global risks and take preemptive action,” notes Robbie Schingler, chief strategy officer at Planet Labs. “Rather than just living on a changing planet, we can help it thrive.”
Explore other expert predictions about life in the 2030s—from high-rise buildings to car buying to hospital care—in our Next Normal video series.
Off the charts
Sea freight rates are keeping the global supply chain under pressure. Since the start of the COVID-19 pandemic, rates have increased sharply—particularly in the Indian subcontinent and Greater China. On a longer-term horizon, rates are more than 20 times higher than they were at the beginning of the 2008–09 Great Recession.
INTERVIEW
What are the promises and perils facing start-ups at a moment of economic uncertainty? If hybrid work is good for hiring and productivity, is it also good for serendipity? Are valuations still frothy or have they corrected enough yet? Why is access to talent much easier now? Venture capitalist Bill Gurley, a general partner at Benchmark who has backed Grubhub, OpenTable, and Uber, digs into these topics and more in a recent interview with McKinsey.
More on McKinsey.com
How to secure Europe’s competitiveness | Unless Europe catches up with other major regions on key technologies, it will be vulnerable on growth and competitiveness. Here are ways to address this technology gap.
Gen Z’s perspectives on mental health | A new McKinsey Health Institute survey finds that Gen Z may have higher levels of perceived stigma when it comes to mental health issues compared with other generations, but they may be more accepting of people with mental illnesses.
Low-carbon fun: Making RV manufacturing greener | Customers have shown that they are willing to pay a higher price for more eco-friendly recreational vehicles, such as electric four-wheelers or boats. Some trailblazing companies have moved toward producing these alternatives.
PARTING QUOTE
BACKTALK
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