Listed here are a few of the different factors that have impacted consumer behaviour in recent years.
Just like in many some other years throughout history, there has been countless factors that have contributed to consumer behaviour change in 2024, factors that effect precisely how we as people act as consumers. For merchants, exploring 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, allowing them to conveniently understand that they will be able to reach profit in the course of the upcoming fiscal year. One of the most significant factors to affect consumer behaviour in recent times has to be social media, the web platforms that have achieved enormous popularity among both Millennial and Gen Z audiences in recent times. In recent years, a short video sharing website has become an unbelievably sought after method for retailers to directly sell their items to their target markets, with certain brands creating exciting deals and product bundles only available within the platform. As we are in a time when the market reach of social media is not really 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 retailers continue steadily to make full use of social media shopping in the many months ahead.
For retailers, acknowledging the importance of consumer behaviour has never been so vital, as it is a great way for brands to guarantee that they are talking to their target market in the most effective way possible. In recent years, many brands have been being attentive to changing consumer behaviour in retail and investigating the factors that have influenced behaviour in the past several years. At a time when stories of rising sea levels and extreme weather patterns are becoming a frequent element of news reporting, it is unsurprising that so various consumers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, various consumers have become a lot more careful when it comes to shopping, choosing to exclusively endorse brand names 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 retail companies updating their brand plan of action as a direct result. With the issue of climate change not set to disappear completely any time soon, we imagine the hedge fund which owns Waterstones and the fund that partially owns Amazon will be interested to witness exactly how sustainability continues to be a factor that impacts consumer behaviour.
With a new financial year about to start off, 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 greatest factors set to effect consumer behaviour this year has to be the truth that customers have a preference for shopping with brands 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.