This blog post goes through a number of the factors impacting market behaviour this year.
Like in many other years through out history, there has been countless factors that have contributed to consumer behaviour change in 2024, factors that impact 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 make sure that their upcoming product lines will be prosperous with their desired audiences, permitting them to comfortably understand that they will have the ability to make profit during the forthcoming fiscal year. One of the greatest factors to impact consumer behaviour recently has to be social media, the internet platforms that have achieved huge popularity amongst both the Gen Z and Millennial audiences in recent decades. In the past several years, a short video sharing platform has become an incredibly sought after way for retailers to directly sell their items to their target customers, with some brands creating exciting 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 market in the most effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and assessing the factors that have impacted market behaviour in recent years. At a moment of time when tales of rising sea levels and unpredictable weather patterns are coming to be a frequent element of news reporting, it is not shocking that so many consumers are deciding to shop a lot more responsibly as a method of lowering their own carbon footprints. As a result, lots of consumers have come to be much more careful in relation to shopping, choosing to exclusively endorse brand names that have made their philosophy on sustainability widely 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 go away completely anytime soon, we envision the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to observe just how sustainability continues to be a factor that impacts consumer behaviour.
With a new economic year about to commence, we imagine many brands will be paying attention to consumer behaviour change examples as a means of guaranteeing that their strategy is fundamentally fit for purpose. One of most significant factors set to influence consumer behaviour this year has to be the truth that customers prefer shopping with retailers that have invested hugely into developing technology like AI and VR, something that is not shocking in an interesting time for the rapidly developing technology.