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 lots of factors that have contributed to consumer behaviour change in 2024, factors that impact precisely how we as people act as customers. For retailers, understanding how has consumer behaviour changed over the years can be a very good way to guarantee 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 recently has to be social media, the internet platforms that have gained immense 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 prevalent way for retail companies to directly sell their merchandise to their target markets, with certain brands creating exciting promotions and product bundles only available within the platform. As we are in a time when the reach of social media is definitely not envisioned to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see just how other retailers continue steadily to utilize social media shopping in the 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 efficient way possible. In recent years, many companies 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 moment of time when stories of rising ocean levels and inclement weather patterns are growing to be a consistent part of current affairs, it is unsurprising that so countless shoppers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, some consumers have become even more cautious with regards to shopping, opting to only back brands that have made their philosophy on sustainability well known. Some other consumers have made the mindful effort to shop second hand, leading to lots of retail companies updating their brand strategy as a direct result. With the issue of global climate change not set to disappear anytime soon, we think the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to see just how sustainability continues to be a factor that affects 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 strategy is fundamentally suited for purpose. One of prominent 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.