This informative article goes over several factors impacting consumer behaviour in 2024.
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 people. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their upcoming product lines will be prosperous with their target audiences, allowing them to conveniently know that they will be able 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 gained immense popularity among both Millennial and Gen Z audiences in recent decades. In recent years, a short video sharing website has become an incredibly sought after way for retailers to directly sell their merchandise to their target markets, with certain brands developing 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 intrigued 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 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 being attentive to changing consumer behaviour in retail and evaluating the factors that have affected consumer behaviour in recent times. At a time when stories of rising sea levels and unpredictable weather patterns are coming to be a regular part of current affairs, it is unsurprising that so various shoppers are choosing to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, various consumers have come to be a lot more careful in relation to shopping, choosing to exclusively endorse brands that have made their ethos on sustainability well known. Various other consumers have made the mindful effort to shop second hand, leading to many retail companies updating their brand plan of action as a result. With the issue of climate change not set to disappear completely 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 just how sustainability continues to be a factor that affects consumer behaviour.
With a new financial year about to start, we think numerous brands will be being attentive to consumer behaviour change examples as a method of guaranteeing that their product strategy is ultimately fit for purpose. One of most significant factors set to influence consumer behaviour this year has to be the reality that customers have a preference for shopping with companies that have invested hugely into developing technological innovations like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.