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As the travel industry began to recover in 2021, we expressed our view that the enduring allure of New York would continue to draw visitors back to the city. That projection is well on track, as more than 62 million people visited New York City in 2023, representing 93 percent of 2019 levels. The city now expects to exceed prepandemic visitor numbers by 2025.Although travelers are back, their mindsets and behaviors…

Once generative AI (gen AI) hit the mainstream, in late 2022, it took little time for retail executives to realize the potential in front of them. Mentions of artificial intelligence (AI) in retailers’ earnings calls soared last year—which was no surprise, given that gen AI is poised to unlock between $240 billion to $390 billion in economic value for retailers, equivalent to a margin increase across the industry of 1.2 to…

Electric vehicles (EVs) are no longer a niche business. They now account for 16 percent of new-car sales in Europe, up from under 1 percent in 2019. Despite the removal of purchase subsidies in certain markets, such as Germany at the end of 2023, sales have remained stable. Since the beginning of 2024, more than 875,000 new full battery electric vehicles (BEVs) have been sold across the continent.As EV growth…

In this episode of Deal Volume, McKinsey’s podcast on private markets, McKinsey partner and host Brian Vickery speaks with senior partner Ben Ellencweig. Ben leads alliances and partnerships for QuantumBlack, AI by McKinsey, and spends much of his time working with private equity (PE) firms and their portfolio companies. In this discussion, they get beyond the hype surrounding generative AI (gen AI) and discuss its implications for PE stakeholders. An edited…

Organizational health is a moving target. Leaders at today’s healthiest organizations don’t run them the same way that the C-suite did in 2003, when McKinsey launched the Organizational Health Index (OHI).We created the index to help organizations gain vital insights into whether they have the right practices in place to drive sustained performance. In the two decades since then, OHI research has consistently shown that the best predictor of long-term performance…

As McKinsey has written previously, public and private investments to rapidly expand the United States semiconductor industry will total more than $250 billion by 2032. This investment brings with it more than 160,000 new job openings in engineering and technician support alongside additional openings in related construction craft jobs, according to McKinsey analysis. While numerous initiatives aimed at building these critical talent pipelines are planned or under way, the expected…

The central role that family plays in the lives of Indians cannot be overemphasized. This is just as true in business. In India, family-owned businesses (FOBs) contribute more than 75 percent of national GDP, one of the highest percentages in the world, and this is likely to rise to 80 to 85 percent by 2047. McKinsey research reveals that, from 2017 to 2022, FOBs reported around 2.3 percent higher revenue…

The European Union (EU) has set ambitious decarbonization goals for all member states: at least a 55 percent greenhouse gas (GHG) emissions reduction target by 2030 compared to 1990 levels, and at least a 42.5 percent—although aiming for 45 percent—share of renewable energy consumption based on the Renewable Energy Directive III (RED III). To achieve these targets, major changes are required in Spain’s energy consumption. Alongside other levers such as…