Listed below are just a few of the different aspects that have affected consumer behaviour in recent times.
Like in many other times through out history, there have been many factors that have resulted in consumer behaviour change this year, factors that influence how we as people act as customers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to guarantee that their upcoming products will be successful with their desired audiences, permitting them to comfortably understand that they will have the ability to to make profit in the course of the approaching financial year. One of the most significant factors to affect consumer behaviour in recent times has to be social media, the web platforms that have attained tremendous popularity among both the Gen Z and Millennial audiences in recent times. In the past few years, a short video sharing website has become an unbelievably popular method for retailers to directly sell their items to their target customers, with some brands creating exciting promotions and product bundles only available within the platform. As we are in a time when the huge 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 use of social media shopping in the several months ahead.
For retailers, acknowledging the importance of consumer behaviour has never been so essential, 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 companies have been taking note of changing consumer behaviour in retail and examining the factors that have affected consumer behaviour in recent times. At a time when tales of rising sea levels and unpredictable weather patterns are coming to be a regular part of current affairs, it is unsurprising that so lots of shoppers are choosing to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, lots of consumers have come to be a great deal more cautious in terms of shopping, opting to only back companies that have made their philosophy on sustainability universally known. Other consumers have made the conscious effort to shop second hand, leading to many retailers updating their brand plan of action as a result. With the issue of climate change not set to disappear completely any time soon, 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 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 guaranteeing that their strategy is fundamentally suited for purpose. One of biggest factors set to impact consumer behaviour in 2024 has to be the reality that consumers really like shopping with brand names that have invested hugely into developing technological innovations like artificial intelligence and VR, something that is not shocking in an interesting time for the rapidly developing technology.