Listed here are a few of the different factors that have impacted 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 effect the way we as individuals act as consumers. For merchants, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future products 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 fiscal year. One of the greatest factors to impact consumer behaviour recently has to be social media, the internet platforms that have achieved enormous popularity among both Gen Z and Millennial audiences in recent times. In the last few years, a short video sharing platform has become an exceedingly prominent way for brands to directly sell their goods to their target consumers, with many brands developing interesting offers 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 just how other brands continue steadily to take advantage of social media shopping in the months ahead.
For shops, recognizing the importance of consumer behaviour has never been so essential, as it is a brilliant way for famous brands to guarantee that they are talking 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 the last few years. At a moment of time when tales of rising ocean levels and unpredictable weather patterns are coming to be a regular part of current affairs, it is unsurprising that so countless shoppers are choosing to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, various consumers have become a lot more mindful when considering shopping, deciding to solely support companies that have made their philosophy on sustainability widely known. Some other consumers have made the mindful effort to shop second hand, resulting in many retail companies updating their brand strategy 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 are likely to be fascinated to observe just how sustainability continues to be a factor that impacts consumer behaviour.
With a new financial year about to get started, we anticipate numerous brands will be paying attention to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately fit for purpose. One of most important factors set to effect consumer behaviour in 2024 has to be the fact that consumers really like shopping with retailers that have invested hugely into developing technology like artificial intelligence and VR, something that is not shocking in an interesting time for the rapidly developing technology.