If you want to find out more about the factors impacting consumer behaviour this year, just read through this write-up.
Just like in many different times throughout history, there have been numerous factors that have contributed to consumer behaviour change this year, factors that affect the way we as individuals act as consumers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their upcoming products will be prosperous with their target audiences, allowing them to conveniently understand that they will have the ability to to make profit in the course of the forthcoming economic year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the internet platforms that have gained immense popularity among both the Gen Z and Millennial audiences in recent times. In the last few years, a short video sharing platform has become an incredibly sought after way for retailers to directly sell their merchandise to their target markets, with some brands creating exciting promotions and product packages only available on the platform. As we happen to be in a time when the power of social media is not forecasted to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see how other brands continue to make the most of social media shopping in the several months ahead.
For shops, recognizing the importance of consumer behaviour has never been so essential, as it is a great way for brands to make sure that they are speaking to their target market in the most efficient way possible. In recent years, many brand names have been paying attention to changing consumer behaviour in retail and taking a look at the factors that have affected consumer behaviour in recent times. At a time when stories of rising sea levels and extreme weather patterns are becoming a consistent feature of news reporting, it is not shocking that so numerous shoppers are choosing to shop much more conscientiously as a way of decreasing their own carbon footprints. As a result, various consumers have become even more mindful when considering shopping, opting to only back brands that have made their ethos on sustainability extensively known. Various other consumers have made the conscious effort to shop second hand, leading to lots of brands updating their product strategy as a result. With the dilemma of global climate change not set to disappear any time in the future, we anticipate the hedge fund which owns Waterstones and the fund that partially owns Amazon will be fascinated to observe exactly how sustainability continues to be a factor that influences consumer behaviour.
With a new economic year about to commence, we imagine many brands will be paying attention to consumer behaviour change examples as a means of guaranteeing that their strategy is fundamentally suited for purpose. One of biggest factors set to affect consumer behaviour in 2024 has to be the reality that customers have a preference for shopping with companies that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.