What is in store for the economy, tourism and real estate in 2024? Expert forecasts

On the eve of the coming New Year, we want to take a peek into the future and find out what to expect. Of course, it is impossible to predict all the nuances. Various external circumstances may interfere in the course of events, as the practice of recent years has shown. Nevertheless, based on current trends and emerging changes, we can try to trace the key points that will affect our lives.

What areas of the economy will become cutting edge? Where will people go on vacation and how will they treat their mental health? These questions were answered by experts in economics, psychology and tourism.

What does the economy expect in 2024?

The economy will continue to be dependent on technological innovations. With the development of artificial intelligence and greater involvement in virtual reality, there will be a strong demand for IT specialists. Mortgage lending, on the other hand, will slow down. A temporary stagnation is expected here against the background of the key rate increase.

Vladimir Kholin

Chairman of the Board of Finist Group of Companies

“In 2024, the Russian economy will see a gradual recovery. GDP – the total value of goods and services produced in the country – will increase by an average of 2.6%. This result will be achieved by increasing domestic demand in the investment and consumer markets.”

Changes will also continue in various sectors of the economy, where the main reference point will be the domestic market in IT, as well as in retail and wholesale trade, tourism, construction and transportation business, consulting and services. The export and mining industries, on the other hand, will decline.

A decline is also expected in real estate services and real estate agencies, which work mainly with secondary housing. There will be a decline in the injection of investment into rental housing. This is a natural consequence of the key rate hike.

But there is a probability that in 2024 the economy will show a gradual recovery and household incomes will remain stable. Banks are actively developing credit programs and providing flexible terms for loans. Accordingly, the level of interest in them will remain at the same level or go up, as well as purchasing power.

Tourism Trends-2024

Tourists have become more careful in their choice of vacation destinations. It is not only convenience and comfortable rooms that come to the forefront when looking for a successful tour. Vacationers increasingly want to visit authentic places with history, get acquainted with architecture and gastronomic delights. It is these aspects that will be the main ones in the search for interesting locations.

Stable internet will also be important for many people when traveling. The Workation trend – work while traveling – is gaining popularity.

Roman Sabirzhanov

founder of HotConsulting, analytics and hotel management company

“The focus will be on eco-tourism and trips aimed at improving psychological well-being. So-called ‘mindfulness trips’. They help to reduce stress levels. There will be demand for vacations that include meditation, massages, saunas with steaming rituals, therapeutic activities”.

Workation – work in traveling – will remain popular. The Staycation trend will also be interesting for vacationers – studying their hometown, when people do not travel outside of it, but stay in hotels near their home.

Another important trend will be the introduction of artificial intelligence in tourism. With its help, travelers will be able to look for profitable offers when buying tickets and booking hotels.

Ecotourism and non-standard routes will also be in focus next year. The “no-normal” approach to travel is gaining popularity, encouraging travelers to seek out unusual experiences. It includes visiting little-known places, cultural events and participating in activities that promote environmental conservation. It will also be important for vacationers to experience local cuisine and national traditions.

What will happen to our mental health?

More and more people realize the importance of turning to psychologists in difficult life situations. In 2024, if experts are to be believed, the demand for online counseling is expected to increase. This format will be the most in demand.

Business and clinical psychologist

“From a psychological point of view, 2024 will be a continuation of the process that started in 2020 because of the COVID-19 pandemic. Isolation has become a global stressor that has impacted the mental health and well-being of billions of people. The World Health Organization (WHO) noted within the report that 20% of the world’s population now suffers from various mental health disorders, with another 20% experiencing moderate to severe symptoms of depression and anxiety.”

The current uncertainty in life also has an impact on people’s psychological state. Therefore, in 2024, one of the main tasks will be the preservation and promotion of mental health, as well as the prevention and treatment of mental disorders.

An important step will be to increase the availability and quality of psychological help. For this purpose, it is worth increasing the level of trust and awareness of the population about the need to turn to specialists.

Most likely, in 2024 the industry will be affected by the introduction of digital technologies. Online consultations, mobile applications designed to provide support at a distance will be in increasing demand. Services reduce the cost and time of service delivery, and tailor them to individual client needs and preferences. But in order to do so, a number of issues around the quality, efficiency, safety, ethics and regulation of these technologies need to be addressed.

There is likely to be an increased focus on mental health in the workplace. Burnout, discrimination and mobbing in teams is not uncommon. Therefore, employers have a vested interest in maintaining a favorable company climate among employees.

With the pandemic and crisis, many workers were faced with a new format of remote work. This increased the risk of mental health disorders among workers and decreased their productivity and loyalty to the company and field. Now many employers are realizing that remote working is often less efficient and are bringing employees back to offices. This is another stressor, and it can be especially hard on those who were happy to make the transition and don’t want to go back to full-time work.

All of these reasons clearly signal the need for employers to increase their focus on employee mental health in 2024. Companies will create a safe and supportive environment and provide help and counseling for employees.