Master Ken shares his view on how the year of the wood dragon will have its influence on the businesses in 2024 especially for those involved in these three sectors
Fire Industries
Fire is a symbol of economic activity, confidence and optimism. The economy will be moderate in the first half of the year. However, from June 2024, interest will put the shine back into business sentiments. As a result, the stock market and equities will see a wave of hope and confidence, leading to mergers, acquisitions and initial public offers. The businesses that will benefit from this wave include investments, stocks, insurance, energy, chemicals, medicine, pharmaceuticals and life sciences. Other businesses such as entertainment, event management, startups and lifestyle services will also see
growth, along with wellbeing, religious practices and alternative sciences like counselling and coaching.
Technology, medicine, entertainment and travel will do well from the start of the year, and the upside will continue to be positive. Insurance will be a star performer. However, being the first year into a new period of energies always means changes and painful transitions. Therefore, we can expect new exciting entrants and fallout of players in the Fire element
businesses. It’s important to bear in mind that the demand driven by Gen Z must also deal with sharing economies, fleeting ownership and very fluid exchanges.
Water Industries
The industries related to the Water element may not be talked about much, but they remain profitable. Although there might be challenges due to changing consumer demands, businesses related to travel, hospitality, and lifestyle will continue to thrive throughout the year. This includes airlines, cruise operators, accommodation providers, and theme parks, which will attract quality users. Retailers can be divided into two categories. First, there are brick-and-mortar stores, which are
dominated by large corporations that can spread their profits. This means that small, standalone brands will struggle to compete and many may not survive. The second category is online retailers, which do well due to their mass appeal and traffic. This will also benefit logistics companies that fall under the same category.
Although shipping may face some difficulties due to problematic shipping lanes, the water industry will remain profitable as it has the ability to adapt to different conditions. The strong Fire element in this year’s chart also indicates financial profits for water industry players. Marine fisheries and aquaculture farming will see an increase in productivity and production to meet worldwide demands, which will add to their bottom line. Water desalination and filtration will also become more important.
Wood Industries
Wood-based businesses will make an effort to establish their presence but will struggle due to the strong influence of Fire, Metal, and Earth. This will result in a lot of work, competition, and resource drain. Industries such as education, new economies, fund management, and family offices will be the most successful.
Wood industries will face difficulties in the second half of the year, and those who are looking for prospects must have the necessary resources to reach their goals. Education is a product of intelligence and wisdom, and those in these industries should use artificial intelligence and algorithm tools like ChatGPT to keep up. Performance is key in the Wood industry,
which is related to the Fire element. Therefore, businesses in this industry should focus on sharing experiences, knowledge transparency, intense teachings, transient ownership, optimism, branding, personal image, spiritualism, religion, and delivering quick results.
The importance of teaching, personal development, interpersonal relationships, and humanising factors will continue to be essential in our lives.
