A brave new world

Outside my role as Minister of Tourism, I hold a number of other responsibilities such as Chair of the Kingdom’s Quality of Life program, aimed at improving the lives of citizens and residents. So, I am conscious of the tectonic shifts happening right now which are changing the way we engage with the world around us: working, consuming and communicating. What does this mean for our futures?

Three trends I see in 2022

1.   Lifestyle patterns: Work to live or live to work?

Now approaching its third year, Covid-19 has shaken our existing ways of life to the core. This has naturally led many to wonder: am I content in my life? What changes do I want to make? Is there a better way?

Let’s look at the data. According to a study conducted by Microsoft, 41% of the global workforce considered leaving their employer in 2021. At the same time, a Deloitte survey last year found that 94% of respondents felt they would benefit from work flexibility, with the top advantages being less stress/improved mental health, and better integration of work and personal life. The survey also found that almost 30% said it would increase their overall productivity or efficiency at work.

It is not difficult to see that a desire for a better quality of life is driving people’s decision making. Some employers are resistant to change, but if you want to retain your talent, many would do well to reflect on this watershed moment for workforce behaviors and habits.

2.   Abundance living is out, sustainable living is in

On demand: we are used to having what we want, when we want it, year-round (in developed countries, that is). One of the rudest shocks has been the disruption to supply chains, which are more fragile than we ever realized. In September, Honda said a shortage of parts resulted in a 60% drop in its production. As we have seen, supply chains and ‘just in time’ management strategies pose huge risks to businesses. A rethink is needed.

In addition, greater awareness about climate change has made us confront the reality that our current lifestyles are unsustainable and causing long-term damage to our environment. There are scores of examples of how the effects of this are playing out: from melting ice sheets in Antarctica raising the sea level and threatening coastal communities, to record clusters of tornados ripping through North America.

The Accenture Fjord Trends Report this year offers some thoughts on framing a response to both issues. The report argues that ‘less’ does not have to mean ‘loss’. This is a useful way of thinking about things, and it sets the challenge for us all: we must adjust our mindsets.

It also notes the importance of ‘interconnectedness’, and the need to collaborate with others to tackle climate change. I couldn’t agree more – and the Sustainable Tourism Global Center, recently launched in Saudi Arabia, recognizes this. The Center is an initiative to help enable tourism operators reach net zero, protect nature and support communities – particularly those SMEs who make up 80% of the international sector and who have few resources available to guide them. It brings together governments, private sector, multilaterals and researchers to provide expert advice and support, in what could be a game-changer for the industry.

3. The Metaverse expands

What is the Metaverse?

The Metaverse has been developing for some time. Essentially it combines different elements of technology, such as virtual & augmented reality, creating a digital space where users ‘live’. It could see us conducting our lives – working, playing, shopping and communicating – through this virtual platform.

Another feature of the metaverse is the ownership and trade of non-fungible tokens (NFTs) – digital assets that could be anything from an artwork to a concert ticket. They can be bought and sold using this blockchain technology. Its proponents say it is unlocking new possibilities for property ownership, while its detractors say it is money wasted on meaningless items; only time will tell.

From a sustainability point of view, you might think this new form of asset trading is better for the environment, given that it operates in the digital realm. But this is not yet the case: 1 NFT currently emits an estimated 200kg of CO2 equivalent. To put this in context, 200kgs of CO2 is the equivalent of one person flying 1,000 miles, or 500 miles of driving an average car, or a one-week hotel stay.

This is problematic. Digital solutions, I believe, should at the very least reduce our footprint on the environment. Financial opportunities may entice us, but we must harness technology to achieve better outcomes given the climate emergency. There is more work to be done.

See you in 2022.