While current media coverage paints a gloomy forecast for the 2023 economy; not only in the UK but in many countries across the world, the success of certain industries across this year may not be as dire as we think. While inflation is close to an all-time high and the UK political landscape is looking more like a fingerpainting than a fine art canvas currently, there are a number of industries set to make a significant profit this year.
Below, we’ll take a look at some of the forecasts and predictions on how the UK economy is going to perform across 2023.
2023 tipped to be the year of high performance
While it may be hard to get on board with the current state of affairs across the UK political landscape, market experts have hinted that 2023 could be one of the highest performing years for the UK economy yet.
In a study conducted by Managers of investment trusts, 25% of respondents reported that they thought the UK would be the most powerful market in 2023, while 19% of respondents chose the US. Given the US has reached its maximum debt limit, the statistics are currently in favour of the UK market.
When asked about which industries they thought would be top performers this year, respondents commented that they thought the Information technology, energy, and the healthcare sectors would be the most successful.
Corporate travel services
While corporate travel services like Fello came to a standstill over the past few years, as the travel market recovers it is predicted that corporate travel services will be making a huge comeback over 2023. Following the sharp downturn between 2019-2022, it is expected that the industry will grow to previous levels again. While aspects like virtual travel agents and a growing level of virtual meetings could hinder the industry, it is still expected to grow at a compound rate.
Sustainability
The world climate disaster is coming more into focus with an increasing number of businesses this year as more severe weather becomes a fact of everyday life across the globe. As a result, both investors and consumers prefer businesses with the right social and environmental credentials.
As consumers become more conscious of how their purchasing decisions impact the globe on a wider scale, people are seeking out more conscientious businesses that place a value on aspects like ecological impact and sustainable operations.
Some of the top conservation projects within the corporate world will focus on:
- Zero waste programmes
- Reducing food waste
- Global packaging conscientiousness
The gambling market
Over the past few years, the development of technology has helped the gambling industry to become one of the most successful. Online casino providers like 888 have been investing in some of the best technology available in order to provide the most innovative game offerings to the UK market.
Such recent innovations include
- Live dealer poker
- Themed slots
- New and innovative bonuses and joining offers
The nutrition industry
After many people across the world have struggled with health concerns over the past couple of years, 2023 will see a huge increase in profits for the nutrition industry. Some of the top trends that consumers are focused on include:
- Boosting immunity
- The gut biome
- Heart health
With consumers now looking for more ways to get an immune boost in their diet, some of the top businesses will include vitamin producing companies like IVC Brunel, as well as smoothie cafes and other health brands.
Retail
After being heavily impacted by the pandemic over the last two years, retail is expected to bounce back over 2023. Some of the key retail trends of this year will include:
Subscription boxes – From toy subscriptions like LoveEvery, to cosmetics ones like Birchbox, subscription boxes are now popping up in almost every industry, including food. As consumers seek out expert guidance and look for added convenience in the increasingly busy modern world, subscription boxes offer a perfect balance of control and guidance that make consumers feel comfortable.
Live shopping apps – While originally popular is countries like China and Korea, live shopping which can be performed on apps like TikTok, Instagram and Amazon is now incredibly popular in the Western world too.
Local deal apps– There’s no doubt that the economy is tough on UK households this year, which is why more people are seeking out alternative retail options where they can save some money.
Overall, while the rate of inflation, coupled with a period of political chaos has stirred the UK market, there are nevertheless a number of industries that will power the UK market across 2023, making it a strong contender on the global playing field still.
