What’s on the horizon?

“Since travel restrictions were dismantled, demand has come roaring back, first with leisure and after the summer with corporate travel. If there was a discussion during the pandemic over whether people will want to travel again or companies will want to meet face to face, we can now put that discussion to rest. 

Going into 2023, Russia’s air space closure is affecting our airline significantly in terms of Asian traffic. There’s the high cost of energy: jet fuel prices are at historically high levels and so air fares have been increasing. This past summer, demand for air travel actually came back faster than supply so many European airlines have had capacity constrained. At least 100,000 jobs vanished during the pandemic but 88 per cent of Europe’s capacity has come back. Those demand levels will hold up pretty well because people want to travel, even though there is likely to be a recession in 2023. We’re targeting carbon neutrality; we want to reduce our carbon footprint by 50 per cent by the end of 2025. So sustainable aviation fuels and biofuels will be very important. On some short-distance domestic routes, we’re replacing flights with bus services. In the medium term, we will look into innovative engine technology and new types of fuel-efficient and carbon-efficient aircraft.”

“I foresee that 2023 will be the year when hope and inspiration will flourish among Thai people. Though the global economic outlook still pose serious challenges, Thailand’s general election, due in 2023, will be a significant turning point for the country. A demographic shift is also a factor that will shape the future of Thailand. An aged society is looming fast. We need to motivate, inspire and convince the younger generation that they are the major force leading the country into the future.”

“Things are changing in our industry. One of the biggest challenges is the supply chain. At the moment there are huge problems in the availability of raw materials. Materials we always thought we could count on – particle board, aluminium and glass – are now difficult to source. But it’s a problem that’s pushing new ideas. At Porro, for instance, we now source virgin, certified wood that is a byproduct of the paper industry. It’s a top-quality material that we’re using in a circular way. Now, when a designer approaches a new product, they’re thinking deeply about the materials and the processes involved in making them.” 

“At Ørsted we expect that Europe has sufficient volumes of gas and power for the coming winter. However, to bring down energy prices, we all need to save energy. We also believe that companies that have made significant unplanned windfall profits from the high energy prices should contribute financially by returning some of these profits to consumers, as it is socially unacceptable that many families have to choose between staying warm and eating.Considering the extraordinary circumstances, this seems fair and should be part of a short-term response to the energy crisis. 

Since Russia’s invasion of Ukraine and the curtailment of Russian gas supplies to western Europe, we’ve seen European governments increase targets for using renewables. However, governments also need to speed up the allocation of land and seabed for wind farms, as well as permits, which often take much longer than building the actual wind farm. These high ambitions need to be followed by real political initiatives to speed things up, otherwise they will stay ambitions only. 

In terms of the shift away from fossil fuels, I expect 2023 to be a year when some countries will truly accelerate while others will stall. The successful ones will dramatically reduce permit times, make significant land and seabed available to developers, choose projects based on financially and environmentally sustainable criteria rather than maximising short-term payments, and allow developers and their supply chain to take greater responsibility. 

We at Ørsted have already increased our ambitions and are ready to continue to lead the way in our industry in 2023. Europe needs to accelerate – now.”

“With war in Europe, inflation rampant in many parts of the world and geopolitical tensions rising, it’s easy to be fearful. But shipping is the enabler of global trade and we must continue to tackle the battles in our industry: digitalisation and decarbonisation, underpinned by better and safer working conditions for the world’s seafarers. Next year will see the rapid roll out of low-Earth orbiting communication satellites that will profoundly change connectivity at sea and with that comes an opportunity to redesign how we work and improve mental health and social relations between people on board and their families and friends at home. We have much to do; it’s an exciting time.”

“It has been invigorating to see people’s desire to get back to restaurants. At their best, restaurants serve a higher purpose than just putting food on tables. We help fill a need for basic human connection. However, our industry will face challenges in 2023, with a tight labour market and the rising cost of living. That said, with challenges come opportunities: for new food ideas, new locations and up-and-coming chefs to make their mark. I believe that 2023 will see new hospitality concepts that will challenge conventional wisdom.”

“I believe that the watch industry will continue to succeed by maintaining a dual focus on innovation as well as the timelessness of our products. Jaeger-LeCoultre also wants to focus on experiences and opening up the secrets of watch-making to the public in the coming year, with exhibitions and workshops as part of our Atelier d’Antoine initiative. This lets our customers and members of the public have hands-on experience of watch-making. Artistic collaborations will remain key as they allow us to express ourselves through new mediums, engage customers and create a broader cultural dialogue around horology. In the past year, we’ve already pursued tie-ins with pastry chef Nina Metayer and mixologist Matthias Giroud. 

Through a new artistic programme, Made of Makers, we will be seeking more perspectives on how the practices of watch-making, art and other creative disciplines can come together. These experiences highlight our artisans’ know-how, which we would like to keep sharing. Europe will remain an important historical market for the house but we will be looking to expand our presence in the US, Middle East and Asia by opening new boutiques and bringing these artistic experiences to clients in these markets.”