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volume 05 | 2024 Year in Review
Discover what’s on the minds of FT readers, from their feelings on democracy in 2024 to opinions on space tech
FT Audience Barometer
Discover what’s on the minds of FT readers, from their feelings on democracy in 2024 to opinions on space tech
Discover what’s on the minds of FT readers, from their feelings on democracy in 2024 to opinions on space tech
Welcome to the FT Audience Barometer 2024 year in review. Over the course of last year, FT readers around the world contributed to our audience survey, telling us how they felt about the global economy, their local sector and prospects for both. Every quarter, we took their answers, highlighted the top-level trends and looked at how they reflected the wider geopolitical context. For this Barometer looking back over 2024, we explored how our readers’ opinions evolved over the course of the year.
In this issue…
Dive into the details below, and find out what’s on the minds of FT readers
Special report:
Impressions of 2024
This question was put to them a few days after the US presidential election, and only 10 per cent thought 2024 was less turbulent than they had expected, with 49 per cent considering it more turbulent and the rest feeling that it had played out roughly as they’d expected.
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Economically, there was a sense of relief, with 35 per cent thinking the global economy was more robust than they had expected, more than double the 17 per cent who felt it was less robust.
The same could not be said for the strength of the electoral system: 81 per cent agreed with the statement that the global state of democracy has been weakened over the course of 2024. Evidence, perhaps, that FT readers agree with the editorial board’s opinion that Trump’s resurrection reflects a broader fraying of the appeal of liberal democratic values across the western world.
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Special report:
Sentiments on space tech
Only 19 per cent said they were not at all interested. At the same time, there was not much familiarity, with only 27 per cent professing an intermediate knowledge of the industry, and 5 per cent an advanced one. Some 43 per cent of readers said they would make a greater effort to find out more about it if it were relevant to their job.
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Over the coming years, however, this might change. Seven per cent of readers said their company was already invested in space technology, with a further 5 per cent planning to do so in the next three years. And 76 per cent of readers either strongly or slightly agreed with the statement that “the global potential of the space sector is substantial but currently untapped”. Further evidence, perhaps, that the global battle to shape the new space economy has only just begun.
Economic & industry outlook:
A steady year despite geopolitical turmoil
When asked in Q1 ’24 what changes they expected in their local economic conditions, 46 per cent of readers thought things would improve. The figure dipped just a single percentage point in Q2 to 45 per cent and was unchanged in our Q3 survey (based on data collected just before the US presidential election). Is this remarkable continuity evidence of what Gillian Tett has identified as the “normalisation of deviance”?
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Either way, the sentiment on the global economic outlook remained positive. In Q3 ’24, 45 per cent of FT readers were bullish about global economic conditions by the end of last year, compared with 29 per cent who took the bear stance. Was Gillian Tett correct back in January when she outlined her 10 reasons to be optimistic about the year ahead?
...the big stories of 2024 were sustained pessimism among those working in education; volatility in the CEMEA energy/manufacturing/engineering sector; the bullishness of the tech sector, particularly in the US; and turbulence in the UK’s retail/travel/leisure industries.
Globally, the mood among FT readers in education was downbeat throughout the year, with just 26 per cent of those working in the sector thinking that things will improve over the next six months, a number which falls to just 11 per cent in the UK. How significant were the new visa rules for international students?
Optimism among FT readers who work in the US tech sector may have cooled a little since its high in Q1 ’24 but the overall picture was still one of robust good health with only 14 per cent thinking things would decline in Q3 ’24, compared with 50 per cent who forecast a rosier future. Was the prospect of a Silicon Valley-friendly vice president a contributing factor?
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FT readers in the CEMEA region who work in the energy/manufacturing/engineering sector started the year in high spirits: 63 per cent thought things would improve in Q1, a proportion that had fallen to 36 per cent by Q3, possibly driven by a growing sense that the crises rocking German industries have no easy fix.
It has been a bumpy year for those working in the UK’s retail/travel/leisure industries. In Q2 ’24, 54 per cent of readers in the sector thought things would improve, and only 8 per cent thought things would decline in the near future, but by Q3 ’24, decline and improve were level-pegging on 38 per cent. Is growing frustration at low visitor numbers behind this? And how much is the end to tax-free shopping a factor?
COMPANY PRIORITIES
Cutting costs takes the cake
Globally, the three standout priorities for 2024 were cost-cutting (one of the top four priorities for 38 per cent of FT readers in Q3), improving market share (34 per cent) and finding and keeping talent (33 per cent). Among readers who work in education, the imperative to find and keep talent jumped to 48 per cent – evidence, perhaps, that the teacher recruitment crisis is not confined to the UK.
Interestingly, one of the biggest shifts over the course of the year was the decline in FT readers who prioritised “developing an AI strategy” (down from 19 per cent in Q1 to 12 per cent in Q3). In part, this might reflect the fact that 13 per cent of respondents work for organisations that are already implanting an AI strategy. But it could also be that FT economic writer Tej Parikh is right to make the bear case for AI, given the relatively low digitalisation of high economic impact sectors including “Industry,” “Transportation,” and “Food.”
BUSINESS CONFIDENCE & COMMS
Trust & performance remain key messages
When it comes to FT readers’ confidence in their organisation’s ability to successfully navigate the current economic and geopolitical climate, the story of 2024 was again one of considerable continuity, with net confidence holding steady between 76 and 79 per cent. However, there was a steady erosion of optimism in the IT industry, particularly among the sector’s C-suite (down from 85 per cent confidence in Q1 ’24 to 61 per cent in Q3 ’24), perhaps reflecting a growing recognition that AI exuberance is masking broad weaknesses carried over from the post-pandemic downturn.
However, there has been a steady erosion of optimism in the IT industry, particularly among the sector’s C-suite (down from 85 per cent confidence in Q1 ’24 to 61 per cent in Q3 ’24), perhaps reflecting a growing recognition that AI exuberance is masking broad weaknesses carried over from the post-pandemic downturn.
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The value of corporate messaging remains significant to an overwhelming majority of FT readers with 85 per cent agreeing that it is important to communicate with customers. There is also considerable agreement over messaging content, with “trust” (50 per cent in Q3 ’24) and “performance” (48 per cent) consistently the top two picks across the year. In the UK, “trust” has ranked first since Q1 ’23 – a reflection, perhaps, of the impact of the long-running Post Office scandal and its effect on the nation’s faith in corporate governance.
Among the year’s interesting trends was the diminishing importance of ESG. After a high of 41 per cent in Q2 ’24 it was rated as a messaging priority by just 29 per cent in Q3 ’24, a reflection, possibly, of the outflows that have recently dogged ESG funds.
2024 special report highlights
Standout data from throughout the year
What is the FT Audience Barometer?
The FT Audience Barometer is an analysis based on data from a short survey conducted multiple times a year that measures the sentiment of FT readers. The Barometer does not include all findings or focus areas from the survey, but instead chooses different data to analyse so that we can keep each edition unique, fresh and insightful.
What the FT Barometer survey focuses on:
Since its inception in March 2020, the Barometer survey has received more than 15,000 responses from the FT audience.
Each wave of the survey asks the same set of questions across
Four core areas:
Perception of economic conditions – global, local, industry and company-wide
Most important business goals and priorities in the next six months
Importance of business communication
Corporate messages to communicate to key stakeholders
But each wave of the survey also includes different themed sections. This time, the survey focused on overall feelings about 2024 as well as thoughts on space technology.
The Q3 2024 survey link was emailed to readers of the FT (print and/or digital) and members of the FT Feedback Forum. Some 698 respondents completed the survey. For more information or ideas for the next one, please email: research@ft.com.