Dear Reader,
Today’s issue of the Newsletter is entirely dedicated to McKinsey Consultants.
The first two features are on two Women at McKinsey. It is about their career and certainly pleasant to read.
The third item is about Generation Z and what you should know of these.
The fourth feature is entitled “Travel start-ups: Disruption from within?” and it is a clasical McKinsey report with exhibits.
We at the Editorial Team of TextileFuture feel sure that we offer you just the items of your interests and a pleasant reading.
Don’t forget to stop by next Tuesday when we publish the next edition of the Newsletter of TextileFuture.
We wish you a fantastic week ahead and our best wishes will be your companions.
Sincerely,
The Editiorial Team of TextileFuture
Here starts the first feature:
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The Women at McKinsey: Tina Holt
March 26, 2023
This Women’s History Month, we’re chatting with McKinsey leaders about their role as women in the workplace and beyond. Today, we’ll hear from Tania Holt, who leads McKinsey’s healthcare work across Africa. Tania advises governments, development agencies, philanthropists, and private sector entities on topics of public health and safety, control of endemic diseases, pharma supply chains, and operational efficiencies. For more Q&As throughout the month, bookmark this page.
Tell us about a career-defining moment.
For me, a career-defining moment was when I read the book that I think many of us have read, called Invincible Women, and seeing a fact base around the lack of representation of women, in all sectors of the economy. It motivated me to be part of the change, both in terms of my own professional career and being a role model to others, but also in terms of some of the work that I choose to do and contributing with an increasing fact base around the role that women play in all parts of society.
What are you most proud of?
In my professional life, I’m most proud of the fact that I’m working on topics that are increasing inclusion in the world. I lead on social sector in Europe, and much of the work I do is around increasing health equity, which is close to my heart. The fact that I get to do that all day, every day, is a privilege.
What’s a big or surprising lesson you’ve learned as a woman in the workplace?
The surprising piece that I have learned in the workplace is how important, as a woman, it is to state your ambitions, and to be unapologetic about the fact that you have ambitions. I’ve been surprised how many times people, just because I was a woman, didn’t think that I had professional ambitions in the workplace. And then I had to state them. I would certainly advise everybody to state your ambitions clearly.
How do you stay energised?
Body, mind, and soul. Body: I ask myself, “How am I truly feeling? Am I getting enough exercise?” When my body feels fatigued, I’m honest with myself about it. Mind: “Am I working on topics that I think are truly intellectually stimulating, that I believe make a difference, that I’m interested in?” And soul: “Am I doing enough to nurture my soul?” When I have those three [elements] working beautifully together, I feel refreshed and energized.
What advice do you have for women in their professional journeys?
Be your authentic self. Are you doing something that you deeply care about? Do you feel like you can bring your full, authentic self to the workplace? Are you being reflected, cared for, and truly included where you are so there’s a sense of belonging? I think those are important ingredients to succeed or climb the next step in the ladder. If those pieces are in place, if you have the ambitions, then you should just go for it.
Here is the beginning of the second feature
What is Gen Z ?
March 20, 2023
Generation Z comprises people born between 1996 and 2010. This generation’s identity has been shaped by the digital age, climate anxiety, a shifting financial landscape, and COVID-19.
Gen Z is currently the second-youngest generation, with millennials before and Generation Alpha after. Like every generation, Gen Z’s behaviors are shaped by how they grew up. Young people today have come of age in the shadow of climate doom, pandemic lockdowns, and fears of economic collapse. The first Gen Zers were born when the internet had just achieved widespread use. They’re called “digital natives”—the first generation to grow up with the internet as a part of daily life. The generation spans a wide range: the oldest Gen Zers have jobs and mortgages, while the youngest are still preteens. Globally, Gen Z is growing fast: Gen Zers will make up a quarter of the population of the Asia–Pacific region by 2025. Read on to understand what makes Gen Z tick.
What is a generation?
No doubt you’re already familiar with the concept of generation within families. Your grandparents, parents, children, and children’s children all make up a distinct generation in relation to you. But each of them also belongs to a diffuse category of their peers, grouped together based on when they were born and what they experience during their lives. Social scientists have studied generations—in theory and more practically—for millennia. More recently, thinkers like August Comte have argued that generational change is the engine behind social change. More specifically, each generation entering into a new life stage at more or less the same time is the pulse that creates the history of a society.
Specific major-scale events can also shape the outlook of a generation and are often reflected in how they’re named. The Lost Generation, for example, is named for the malaise and disillusionment experienced by people who lived through World War I. Later, the Greatest Generation was named for the heroic sacrifice many made during World War II. Their children, born soon after the war ended, are called baby boomers; their outlook, in turn, was coloured by the Vietnam War and the social upheavals of the 1960s. More recently, millennials’ worldviews have been shaped by the September 11 attacks and the proliferation of the internet.
Of course, these are generalizations: every so-called generation comprises a multitude of unique individuals with their own opinions, values, behaviors, and plans for the future. Some social scientists even believe that the practice of studying generations can obfuscate what motivates people on an individual level. Generational theory should be understood with this caveat, and used only as a way of thinking about society, rather than the gospel truth.
What is unique about Gen Z?
While there are substantive differences within the cohort known as Gen Z, there are a few commonalities its members share.
As the first real digital natives, Gen Zers—speaking generally—are extremely online. Gen Zers are known for working, shopping, dating, and making friends online; in Asia, Gen Zers spend six or more hours per day on their phones.
Digital natives often turn to the internet when looking for any kind of information, including news and reviews prior to making a purchase. They flit between sites, apps, and social media feeds, each one forming a different part of their online ecosystem. Having grown up with social media, Gen Zers curate their online selves more carefully than those in prior generations have, and they are more likely to turn to trends of anonymity, more personalized feeds, and a smaller online presence, even as they voraciously consume media online.
Video-sharing social media sites have seen a meteoric rise as Gen Z comes of age. TikTok currently rules trends, feelings, and culture for Gen Zers, who make up 60 percent of the app’s one billion-plus users. Gen Zers flock to corners of the internet where they can discuss their passions and interests with those who share them—from gaming to K-pop—bonding with both people they know in real life and ones they’ve only met online.
Gen Z also faces an unprecedented behavioral health crisis: US Gen Zers surveyed by McKinsey report the least positive outlook and the highest prevalence of mental illness of any generation, and European respondents report struggling with self-stigma. This pessimism is fueled by growing global unrest, wars and disruptions, financial crises, and educational interruptions due to the COVID-19 pandemic. Feelings of “climate anxiety” are also widely reported: many Gen Zers report that they think about the fate of the planet on a daily basis.
They are already seeing decreased economic opportunity and don’t assume a social safety net will be there to catch them as pensions shrink, saving for retirement gets more difficult, and the older population grows. Already, 58 percent of Gen Zers in a recent McKinsey survey reported not having a basic social need met—the largest percentage by far of any generation.
But Gen Zers also report a more nuanced perspective around the stigma of mental illness than other generations. European Gen Zers seem less inclined to discriminate against people with mental illness (although they do stigmatize themselves).
However, Gen Z is also generally known for its idealism—they’re part of a new wave of “inclusive consumers” and socially progressive dreamers. Generally speaking, Gen Zers believe in doing their part to help stop the intensification of climate change and to establish greater equity for all. More than any other generation, Gen Z collectively demands purpose and accountability, the creation of more opportunities for people of diverse and underrepresented backgrounds, and rigorous sustainable and green practices.
Learn more about McKinsey’s Retail, Healthcare, and Sustainability Practices, and check out our Diversity and Inclusion collection.
How are Gen Zers different from millennials?
Those on the cusp of Gen Z and millennial—people who were born shortly before the turn of the millennium—are sometimes referred to as “Zillennials” or “Zennials.” That includes older Gen Zers who’ve been in the workforce for a few years and young millennials who identify more with Gen Z.
However, Gen Z generally has its own formative experiences distinct from those of most millennials. Here are some ways American Gen Zers differ from their older counterparts:
- They are generally more pragmatic, with both complicated idealism and worries for the future. Gen Zers dream of personal career fulfillment but expect economic struggles.
- They have less positive life outlooks, with lower levels of emotional and social well-being than older generations.
- They are more interested in belonging to an inclusive, supportive community.
- They are more individualistic, with a stronger sense of personal expression.
- They are more politically and socially active, advocating for what they believe on social media.
What are Gen Z’s values?
Gen Zers generally have strong values related to racial justice and sustainability. Mobilizations like the Global Climate March, led by Gen Z activist Greta Thunberg, thrive on the activism of young people.
Climate change is one of the issues Gen Zers care about most. They frequently call for reform on personal, public, and global scales to prevent future catastrophe. Many Gen Zers describe themselves as environmentally conscious, and the majority of Gen Z expects to see sustainability commitments from companies and organizations.
Gen Z is also living in a time marked by rapidly rising inflation and financial woes. Rising student loan debt also plagues many members of this generation.
What are Gen Z fashion trends?
Gen Z loves expressive clothes, wants to stand out rather than fit in, and has an ever-changing style—what was in a month ago might already be out today. Their trend-chasing habits are supported by fast-fashion retailers supplying accessible ways to switch it up. One Gen Z staple shop, Chinese fast-fashion giant Shein, adds 6,000 new products to its website per day. This may seem at odds with the generation’s values of sustainability, but the speed at which Gen Z trends change and their desire for unique style can sometimes overcome their eco-scruples.
Gen Zers also love thrifting and vintage styles—which are much more in line with their calls for circular fashion. Both ’90s and y2k-style clothes have seen a major comeback, including fast-fashion dupes and clothes dug out of closets and thrift stores. Fashion resale has experienced massive growth thanks to Gen Z resellers and influencers, and it’s normal for a Gen Z wardrobe to be a mix of cheap fast fashion and treasured vintage pieces.
Learn more about McKinsey’s Retail Practice.
What do Gen Z shoppers want?
The internet has changed retail forever and shaped the tastes of digital natives. Here’s how:
- Consumption is about access rather than ownership—Gen Zers subscribe to streaming platforms instead of buying films or music. This trend extends even to services like car shares or luxury-clothing rentals.
- Gen Zers accept their tastes might change, and they are more likely to spend on experiences that enrich their day-to-day lives than millennials, who are more likely to splurge on luxury.
- Members of this generation care about ease of use: mobile pay, app-based services, and simple online transactions are important, and brands have found major success by restructuring to suit Gen Z tastes.
- Gen Zers like brick-and-mortar stores more than millennials do but still want a great online shopping experience. Some brands have even found success through online-first launches, often supported by Gen Z consumers.
- Ads are everywhere; Gen Zers experience brands “at every moment” as they move through their digital and physical worlds.
And as a generation committed to its values, Gen Z expects the same of its retailers—Gen Zers often choose brands that have a strong story or purpose, as well as those committed to green practices. In one McKinsey study, 73 percent of Gen Z reported trying to purchase from companies they consider ethical, and nine out of ten believe that companies have a responsibility to address environmental and social issues. However, they can tell when a brand is just paying lip service and isn’t backing up diversity or sustainability claims with real change.
Many Gen Zers throughout Asia see the internet as the first place to go when researching new products to purchase; in the United States, 40 percent of Gen Zers admit to being influenced online, often by the brands featured in the videos they watch. Members filter a lot of information, from influencers, family, and friends, to decide where and how they want to spend.
For more in-depth exploration of these topics, see McKinsey’s Generation Z collection. Learn more about Gen Z insights by subscribing to our newsletter—and check out entry-level job opportunities if you’re interested in working at McKinsey.
Articles referenced include:
- “Heat waves, the war in Ukraine, and stigma: Gen Z’s perspectives on mental health,” September 27, 2022, Lea Arora, Erica Coe, Martin Dewhurst, and Kana Enomoto
- “Addressing the unprecedented behavioral-health challenges facing Generation Z,” January 14, 2022, Erica Coe, Jenny Cordina, Kana Enomoto, Raelyn Jacobson, Sharon Mei, and Nikhil Seshan
- “Giving Gen Z customers what they want: A conversation with by.U,” November 11, 2021, Edward Ying, Trio Lumbantoruan, and Andrew Roth
- “Gen Z and the Latin American consumer today,” December 10, 2020, Tracy Francis and Fernanda Hoefel
- “How Gen Z and millennials are shaping the future of US retail,” September 28, 2020, Bo Finneman and Emma Spagnuolo
- “Meet Generation Z: Shaping the future of shopping,” August 4, 2020, Bo Finneman and Emma Spagnuolo
- “The young and the restless: Generation Z in America,” March 20, 2020, Shruti Bhargava, Bo Finneman, Jennifer Schmidt, and Emma Spagnuolo
- “Asia’s Generation Z comes of age,” March 17, 2020, Thomas Rüdiger Smith and Naomi Yamakawa
- “The influence of ‘woke’ consumers on fashion,” February 12, 2019, Imran Amed, Anita Balchandani, Marco Beltrami, Achim Berg, Saskia Hedrich, and Felix Rölkens
- “‘True Gen’: Generation Z and its implications for companies,” November 12, 2018, Tracy Francis and Fernanda Hoefel
Want to know more about Gen Z?
What is a generation?
No doubt you’re already familiar with the concept of generation within families. Your grandparents, parents, children, and children’s children all make up a distinct generation in relation to you. But each of them also belongs to a diffuse category of their peers, grouped together based on when they were born and what they experience during their lives. Social scientists have studied generations—in theory and more practically—for millennia. More recently, thinkers like August Comte have argued that generational change is the engine behind social change. More specifically, each generation entering into a new life stage at more or less the same time is the pulse that creates the history of a society.
Specific major-scale events can also shape the outlook of a generation and are often reflected in how they’re named. The Lost Generation, for example, is named for the malaise and disillusionment experienced by people who lived through World War I. Later, the Greatest Generation was named for the heroic sacrifice many made during World War II. Their children, born soon after the war ended, are called baby boomers; their outlook, in turn, was colored by the Vietnam War and the social upheavals of the 1960s. More recently, millennials’ worldviews have been shaped by the September 11 attacks and the proliferation of the internet.
Of course, these are generalizations: every so-called generation comprises a multitude of unique individuals with their own opinions, values, behaviors, and plans for the future. Some social scientists even believe that the practice of studying generations can obfuscate what motivates people on an individual level. Generational theory should be understood with this caveat, and used only as a way of thinking about society, rather than the gospel truth.
What is unique about Gen Z?
While there are substantive differences within the cohort known as Gen Z, there are a few commonalities its members share.
As the first real digital natives, Gen Zers—speaking generally—are extremely online. Gen Zers are known for working, shopping, dating, and making friends online; in Asia, Gen Zers spend six or more hours per day on their phones.
Digital natives often turn to the internet when looking for any kind of information, including news and reviews prior to making a purchase. They flit between sites, apps, and social media feeds, each one forming a different part of their online ecosystem. Having grown up with social media, Gen Zers curate their online selves more carefully than those in prior generations have, and they are more likely to turn to trends of anonymity, more personalized feeds, and a smaller online presence, even as they voraciously consume media online.
Video-sharing social media sites have seen a meteoric rise as Gen Z comes of age. TikTok currently rules trends, feelings, and culture for Gen Zers, who make up 60 percent of the app’s one billion-plus users. Gen Zers flock to corners of the internet where they can discuss their passions and interests with those who share them—from gaming to K-pop—bonding with both people they know in real life and ones they’ve only met online.
And here starts the last feature:
Travel start-ups: Disruption from within?
By guest authors Giuseppe Genovese, Evgeni Kochman, Vik Krishnan, and Nina Wittkamp, all from McKinsey Consultants.
Giuseppe Genovese is a consultant in McKinsey’s Dallas office, Evgeni Kochman is an associate partner in the Frankfurt office , Vik Krishnan is a partner in the San Francisco office, and Nina Wittkamp is a partner in the Munich office.
Travel startups may be well positioned to contribute to the industry’s next digital horizon—a new report examines who is investing, and why.
Start-ups play an essential role in spearheading innovation that benefits consumers, businesses, and industries. But travel startups have been underfunded when compared to startups in other sectors. Looking back over the past 15 years, the travel and tourism industry received around 1 percent of funding for startups across all industries.1 This relatively low level of investment stands out in contrast to the industry’s size: Travel and tourism contributed to over 10 percent of global GDP in 2019.2 These factors suggest that it’s a tough industry in which to raise money.
Despite these funding challenges, and unprecedented industry uncertainties, over $27 billion worth of investments were poured into travel companies from 2020 to 2022. In fact, in 2021, investment set a new record of just under $11 billion—indicating that investor appetite has not only returned to pre-COVID-19 levels, but even surpassed it.
Sidebar
About this research
Given this context, a new report Travel startups: Disruption from within–or not? presents an overview of the travel startup environment, and how the funding landscape has evolved across geographies, and across the different types of travel startups. Analysis is based on information obtained from the Phocuswright startup database and draws on insights from industry executives (see sidebar, “About this research”).
The report examines the kinds of investors that are funding these startups—and the types of businesses they choose for investment. It also puts forward possible future scenarios that would have implications for travel companies and stakeholders in the startup space. This article presents some of the key findings.
Fewer travel startups are attracting funding, but when they do, they secure a substantial amount
Even though funding may be hard to come by, compared to other sectors, investors are interested in travel and tourism. Investment in travel startups has returned to pre-pandemic levels and has even surpassed record-breaking years in the past, such as 2015 and 2019. These peaks were achieved through significant acquisitions that may have consolidated the market. For instance the online travel agency Expedia acquired HomeAway for $3.9 billion in 2015.3
Furthermore, funding per round has increased over the past decade from an average of around USD 4 million in 2010 to USD 20 million in 2022, with the steepest increase seen during the pandemic (Exhibit 1). This indicates that fewer travel startups could be attracting funding, but when they do, they secure a substantial amount. In essence, the relatively small amount of funding that exists is shifting toward fewer startups.
Q&A with Johannes Reck, CEO of GetYourGuide
Johannes Reck is CEO of GetYourGuide, a Berlin-based online travel agency and online marketplace for tours, attractions, and excursions. The company’s website and app connects travelers with activity providers around the world, offering thousands of products in more than 20 languages, and 40 currencies. He shares his views on the investment landscape for travel startups:
What patterns have you noticed regarding investment in travel startups?
At a high level I would say that too little VC money flows into travel altogether, probably due to the market cap that has been realized, and that startups in the scaling phase still have to demonstrate profitability to attract funding. It’s also important not to generalize the way we think about startups—they range in size and maturity from two employees to major disruptors. Essentially, if innovation is not yet proven, then there is little or no money coming in, and this is especially true in Europe.
Are certain types of startups attracting more investor interest than others?
There are category leaders emerging in many areas, such as flights, accommodation, and experiences. I think investors have no appetite to pour money into a number three or four in any given category. And because of the global network effect in travel, it’s really difficult to design a new category. For instance, the chance that a new company could fundamentally disrupt an established concept such as Airbnb, or Booking.com, is limited because of the network effect that locks in global supply and demand—and that’s what makes category leaders so defensible.
Furthermore, there is a perception that as large firms are so big, they can do everything, and that may scare away a lot of investors from betting on a smaller innovative company. The presence of large incumbents may stifle innovation—but startups have a central role to play in this regard and can benefit the entire industry.
What role do you think travel companies could play in the startup landscape?
I think travel companies have to invest in innovation now, otherwise they could be worse positioned in a future crisis. Essentially, travel companies could look at how investing in startups could strengthen all areas of their value chain. They could also focus on the value that innovation will bring to the industry, instead of investing only with profit in mind.
That said, there may be room for travel companies to look at M&A. There is much less competition, compared to pre-COVID-19, and acquisition is now much more efficient. This means that companies could be in a position to grow—much faster and with less effort.
Across industries, later-stage funding (i.e., Series B, C, D) has made up the majority of startup investment (Exhibit 2). Between 2020 and 2022, more acquisitions (e.g., Getaroom.com and On Location Experiences) and public financing rounds (e.g., Sonder and Vacasa) took place than in previous years. This could be symptomatic of a trend: Investors may want to back category leaders that have reached scale (See sidebar, “Q&A with Johannes Reck, CEO of GetYourGuide”).
Hospitality startups remain the leading category for investment
Most recent funding has been channelled to hospitality startups, making up 49 % of investment between 2015 and 2019, and 41 percent between 2020 and 2022. This is likely due to the rising popularity of short-term rentals. Startups providing services for short-term rentals, such as Airbnb or AvantStay, accounted for 55 % of hospitality startup funding in 2021.
Business travel startups doubled their share of investment during the pandemic, and within this category, startups in the corporate segment, such as the expense-management software provider Divvy, secured 98 percent of funding between 2020 and 2022. The MICE segment received the remaining 2 percent, likely due to the decrease in events during the pandemic.
Would you like to learn more about our Travel, Logistics & Infrastrucure Practice
In the same period, booking and transport startups lost some share of funding as investor priorities may have shifted during the crisis. In the booking category, online travel agency businesses secured 90 percent of funding.
Overall, the pre-trip category remains the least funded, having attracted 1 percent of total funding in the past seven years. Within this category, startups in insurance attracted 84 percent of funding in 2021 (Exhibit 3).
Travel companies account for a relatively small percentage of travel startup funding
Since 2015, five categories of investors have funded travel startups:
- Angel and private investors: These investors oversaw 138 rounds of capital raising totaling $3.6 billion between 2015 and 2021.
- Banks and the public sector: These institutions oversaw 125 funding rounds, totaling $6.4 billion. Much of this funding took place in 2021, likely due to pandemic-related bailouts and large rounds of debt funding.
- Venture capital (VC) and VC-orientated private equity (PE) firms: This group raised 2,090 rounds of funding, totaling $72 billion.
- Travel companies: These are frequently in-house incubators or joint ventures that provide potential businesses with direct support. Travel companies raised $7.8 billion in investment through 389 rounds.
- Non-travel companies: Despite not being in the tourism sector, these companies raised more money ($12.5 billion) in 264 rounds than their travel-industry counterparts.
Overall, VCs have been the leading investor category, and spent nine times more than travel companies in 2021. Since 2015, travel companies accounted for a relatively small percentage of startup funding, and this has decreased in recent years, dropping from 18 percent in 2020 to 5 percent in 2021.
Between 2015 and 2019, VCs and PEs invested at least twice as much per funding round compared to travel companies. Average funding size was roughly $37 million for VCs and PEs, compared to $17 million for travel companies. This leveled out between 2020 and 2022 where both groups invested approximately $30 million on average per funding round.
In 2021, banks greatly increased their investment share and matched VC investments, likely driven by increases in debt funding (Exhibit 4).
The travel industry could benefit from supporting start-ups
To date, travel companies have played a very small role in investing in the industry. As startups generally spearhead innovation, travel companies could take up opportunities to support startups—and reap the benefits. Furthermore, by not supporting, or finding ways to engage other players in the industry, travel companies may be missing an opportunity to shape the next generation of travel businesses. And as the investment landscape becomes tougher, travel companies are well placed to ensure that the innovation pipeline continues to flourish, even if VCs and larger players withdraw.
Travel companies could become more involved in investing in the industry and bring their expertise to bear on innovation and the sorts of capabilities and technologies that may be needed. And they stand to gain from leveraging startup capabilities in-house. Research into collaboration between corporates and startups in other industries shows that both parties stand to benefit. Startups can benefit from corporate funding, resources, and customer access, while corporates may need the innovation that startups offer to stay ahead of competitors and disruption, and also to access new technology.4
Three possible future scenarios could materialize in light of the trends in travel startup funding.
- Incumbent-driven consolidation: In this scenario, sustained emphasis on short-term profitability due to inflation and increasing cost of capital would make it difficult for travel startups to attract funding and gain ground in the industry. Funding rounds would be smaller due to early exits, closures, bankruptcies, or consolidation by established and scaled technology-driven firms. Established players would focus more on developing products and services that can be scaled globally and less on optimizing backend processes where rapid scale-up is potentially more challenging, such as manual check-in processes in hotels. This situation would lead to less innovation across the industry. In the long run, reduced innovation due to less startup diversity may require more in-house innovation for optimizing backend processes and technology.
- Emergence of multiple niche startups: Early-stage startups would see sustained and potentially increased funding, while funding for startups in the later stages would plummet. This could lead to an exit wave across later-stage startups due to bankruptcies. At the same time, a wave of new, more diversified, startups could emerge that aim to tackle a variety of niche problems in the industry, such as core technology elements. The result could be an even broader but more fragmented ecosystem of new industry players, leading to higher levels of innovation throughout the industry. Travel companies could acquire distressed startups, at lower valuations, which would boost in-house innovation and allow incumbents to provide new offerings.
- Travel start-ups golden 20s: In this scenario, travel startups across all growth stages and categories would see continuous increases in funding and growth. There would also be an increase in larger investments aimed at developing technology and core industry processes such as AI-enabled fulfillment, and disruption management. Innovation could flourish across the industry. In this fast-growing landscape, competition for funding would intensify and investors’ expectations around performance could increase. At the same time, collaboration would become more complex due to the diversified landscape of partners and suppliers. Established businesses would need to build in-house innovation capabilities organically or acquire them. Differentiation would become more difficult and several leading incumbents may be replaced by new challengers in the market.
However the future pans out, support for startups can boost innovation and strengthen the travel and tourism value chain, for all participants.
Newsletter of last Week
Jony Ive on Life After Apple: https://textile-future.com/archives/107368
Highlights of News of last Week, for your convenience, just click on the item to read the feature.
Automotives
10th Annual Automotive Recalls Summit April 19, 2023 at Livonia Marriott (USA) https://textile-future.com/archives/107547
Electric-Vehicle Growth Expands GM Cyber Chief’s Concerns to Charging Stations
Climate
Breaking News: Earth to Hit Critical Warming Threshold by Early 2030s, Climate UN Panel Says https://textile-future.com/archives/107494
Companies
Trützschler welcomes you to INDEX! https://textile-future.com/archives/107506
Nestlé announces a new partnership with UNESCO to invest in youth potential ‘Because Youth Matter’ https://textile-future.com/archives/107520
Nestlé publishes its 2022 Annual Report and its Creating Shared Value and Sustainability Report https://textile-future.com/archives/107528
BASF inaugurates MRO Station in Shanghai for DeoxoTM aircraft ozone and ozone/VOC converters
Autoneum publishes Corporate Responsibility Report 2022 https://textile-future.com/archives/107741
Annual General Meeting of Zehnder Group AG approves all motions https://textile-future.com/archives/107744
Data
McKinsey’s week in Charts https://textile-future.com/archives/107380
CGI and 3D Product Imagery: The Future of Visual Merchandising in E-Commerce—Free Infographic https://textile-future.com/archives/107446
EU digital skills divide: cities outpace rural areas https://textile-future.com/archives/107469
14-fold variation in land rental prices in the EU https://textile-future.com/archives/107477
Extra-EU exports: transport & other business services : https://textile-future.com/archives/107534
3.6 million people in EU worked in forest-based activities https://textile-future.com/archives/107554
Cheese consumption in Switzerland stable at a high level https://textile-future.com/archives/107575
EU livestock population continued to decline in 2022 https://textile-future.com/archives/107580
First-time asylum applicants in EU up 64 % in 2022 https://textile-future.com/archives/107655
EU Electric vehicles and power demand for transport up https://textile-future.com/archives/107717
Dementia
Opinion Today: This conversation changed the way I think about dementia https://textile-future.com/archives/107460
EU
International Donors’ Conference – Together for the people in Türkiye and Syria in Brussels today https://textile-future.com/archives/107466
European Citizens’ Initiative: Commission decides to register Initiative that calls for better protection of horses : https://textile-future.com/archives/107589
Consumer protection in the green transition: Creating a right to repair and tackling greenwashing https://textile-future.com/archives/107592
European Green Deal: Agreement reached on cutting maritime transport emissions by promoting sustainable fuels for shipping https://textile-future.com/archives/107639
Fellowship
Swiss Empa Entrepreneur Fellowships awarded -Two young researchers on their way to becoming entrepreneurs https://textile-future.com/archives/107643
India
India’s EV Dreams Face a Reality Check https://textile-future.com/archives/107610
McKinsey
McKinsey: Fashion companies that adapt to shifts in the industry’s merchandising model can create a competitive advantage https://textile-future.com/archives/107417
OECD
Economic outlook: slightly more optimistic but fragile, says OECD https://textile-future.com/archives/107356
Personalities
Two Swiss take on important roles at the European Space Agency ESA https://textile-future.com/archives/107731
Problems
Personal Technology: Nicole Nguyen The Problem With Your Dying AirPods and Other Bluetooth Earbuds https://textile-future.com/archives/107409
Rare Earth
Tradium News: Raw Materials Market for Rare Earths Sends Confusing Signals March 2023 https://textile-future.com/archives/107513
Research
Swiss Empa: Does daylight saving make sense from an energy point of view?
Lower energy consumption thanks to daylight-saving time https://textile-future.com/archives/107541
PSI – How vision begins https://textile-future.com/archives/107620
Switzerland
Safeguarding financial market stability: Federal Council welcomes and supports UBS takeover of Credit Suisse https://textile-future.com/archives/107430
Toblerone losing its Matterhorn logo leaves marketers with an uphill task https://textile-future.com/archives/107432
Swiss public finances: surpluses expected for cantons and social security funds https://textile-future.com/archives/107650
Switzerland’s international cooperation: SDC allocates programme contributions to 27 NGO partners https://textile-future.com/archives/107725
Sustainability
100% naturally sourced yarn: RadiciGroup launches Biofeel® Eleven https://textile-future.com/archives/107360
Nestlé invests in Ganado solar project in Texas to help expand renewable energy available in the U.S. https://textile-future.com/archives/107605
Tech Skills
The top five tech skills you should be hiring for, right now https://textile-future.com/archives/107668
UBS
UBS Offers USD 1 Billion to Buy Credit Suisse https://textile-future.com/archives/107390
UBS to acquire Credit Suisse https://textile-future.com/archives/107424
Announcement of tender offer of certain UBS Group AG senior unsecured bail-in notes https://textile-future.com/archives/107565
United Kingdom
Are the virtual private network’s days numbered? https://textile-future.com/archives/107571
USA
One business struggles to survive near the tumult of a homeless encampment https://textile-future.com/archives/107395
Donald Trump braces for potential charges in New York hush-money case : https://textile-future.com/archives/107437
Breaking News: American Held Hostage in Africa Is Freed https://textile-future.com/archives/107488
Trump at Mar-a-Lago: Magical Thinking and a Perp-Walk Fixation https://textile-future.com/archives/107596
ATA’s Women in Textiles Summit continues to grow, inspire, empower : https://textile-future.com/archives/107673
Workplace
Workplace Fairness Highlights Women’s Issues in the Workplace https://textile-future.com/archives/107559
Working
Opinion: Guest Essay – Is Working From Home Really Working? https://textile-future.com/archives/107616
WIPO
Webinar: Overview of eMadrid (March 22, 2023) https://textile-future.com/archives/107503