The Printing Outlook for 2024-25 and Beyond presentation offered an insightful analysis of the current and future state of the printing industry, based on recent trends and market conditions. As the title suggests, the industry is grappling with a period of inconsistency, marked by unpredictable business performance. A survey respondent captured the sentiment by describing 2023 as a “strange year” where traditional trends seemed irrelevant. This inconsistency challenges businesses to adapt quickly, though some find opportunities amidst the disruption.
The presentation took a retrospective view, highlighting that 2019 was a stellar year for print, and while early 2020 showed promise, the onset of the pandemic in March shifted everything. However, the industry bounced back quickly by late 2020 and through 2021. 2022 presented acute challenges including supply chain disruptions, labor shortages, and inflation. By the end of 2023, some of these pressures had eased, but uncertainty still looms over 2024, with mixed results so far. Despite these hurdles, revenues and profits in 2023 grew modestly by over 3%.
Looking ahead to the rest of 2024 and 2025, the industry is expected to face macroeconomic and technological shifts. Economic trends suggest cautious optimism since GDP growth remains positive, inflation is under control, and there is no imminent recession. Hiring remains a challenge, particularly for production staff, and entrepreneurialism is on the rise, especially among franchises. Automation and artificial intelligence (AI) are becoming essential, not just for efficiency but also for sustainability.
The presentation also stresses the importance of diversifying into new markets such as textiles, soft signage, and packaging, which offer growth opportunities. Technological advances, like AI and automation, will continue to reshape the industry, with robots and AI-powered systems becoming more commonplace. While traditional print demand is waning, new printing applications and technologies are helping businesses pivot and stay competitive.
In summary, the future of the printing industry is closely tied to both technological innovations and broader economic conditions. As print continues to compete with digital alternatives, industry players are encouraged to embrace new tools and markets to stay ahead. The industry's outlook may be mixed, but with the right investments and strategies, there are opportunities to thrive in 2024 and beyond.