Listed below are just a few of the different aspects that have affected consumer behaviour in the past few years.
Like in many other times through out history, there's been numerous factors that have contributed to consumer behaviour change this year, factors that affect exactly how we as individuals act as consumers. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their future product lines will be prosperous with their desired audiences, permitting them to comfortably 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 online platforms that have accumulated great popularity amongst both the Millennial and Gen Z audiences in recent decades. In the past several years, a short video sharing website has become an incredibly sought after method for retailers to directly sell their items to their target markets, with some brands creating exciting promotions and product bundles only available within the platform. As we are in a time when the huge reach of social media is certainly not expected to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be interested to see how other retail companies continue to make the most of social media shopping in the several months ahead.
For retailers, recognizing the importance of consumer behaviour has never been so essential, as it is a great way for famous brands to make sure that they are speaking to their target market in the most effective way possible. In recent years, many brand names have been focusing on changing consumer behaviour in retail and assessing the factors that have impacted market behaviour in recent years. At a moment of time when tales of rising sea levels and unpredictable weather patterns are coming to be a regular part of news reporting, it is unsurprising that so various consumers are choosing to shop a lot more responsibly as a way of lowering their own carbon footprints. As a result, numerous consumers have come to be a great deal more cautious in terms of shopping, choosing to exclusively 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 direct 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 impacts consumer behaviour.
With a new financial year about to start off, we anticipate 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.