Listed here are just a few of the different aspects that have affected consumer behaviour in recent times.
Like in many other years through out history, there has been various factors that have resulted in consumer behaviour change in 2024, factors that influence just how we as individuals act as people. 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 successful with their desired audiences, enabling them to comfortably know that they will have the ability to reach profit during the course of the upcoming financial year. One of the most significant factors to affect consumer behaviour in recent times has to be social media, the web platforms that have accumulated astounding popularity amongst both Millennial and Gen Z audiences in recent decades. In recent years, a short video sharing website has become an unbelievably prominent method for brands to directly sell their goods to their target consumers, with many brands developing interesting deals 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 exactly how other retailers continue steadily to make full use of social media shopping in the many months ahead.
For brands, acknowledging the importance of consumer behaviour has never been so important, as it is a fantastic way for brand names to ensure that they are communicating to their target audience in the most effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and reviewing the factors that have impacted market behaviour in recent times. At a time when tales of rising sea levels and extreme weather patterns are becoming a consistent feature of current affairs, it is not shocking that so lots of shoppers are choosing to shop much more conscientiously as a way of decreasing their own carbon footprints. As a result, many consumers have become a great deal more cautious in relation to shopping, choosing to exclusively endorse brand names that have made their philosophy on sustainability universally known. Other consumers have made the mindful effort to shop second hand, resulting in many retail companies updating their brand plan of action as a direct result. With the issue of global climate change not set to disappear any time in the future, we think 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 market behaviour.
With a new economic year about to begin, we envision numerous brands will be being attentive to consumer behaviour change examples as a way of ensuring that their product strategy is fundamentally suited for purpose. One of prominent factors set to impact 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 interesting time for the rapidly developing technology.