Exploring factors impacting UK consumer market now
Exploring factors impacting UK consumer market now
Blog Article
This informative article goes through examples of the factors impacting consumer behaviour in 2024.
Like in many different times through out history, there's been lots of factors that have contributed to consumer behaviour change this year, factors that influence exactly how we as individuals act as consumers. For merchants, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future products will be successful with their target audiences, enabling them to conveniently know that they will be able to reach profit in the course of the approaching financial year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have gained immense popularity among both Gen Z and Millennial audiences in recent times. In the past 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 some brands creating exciting promotions and product bundles only available on the platform. As we happen to be in a time when the power of social media is not anticipated to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly how other retailers continue steadily to utilize social media shopping in the months ahead.
For brands, recognizing the importance of consumer behaviour has never been so important, as it is a brilliant way for brand names to ensure that they are talking 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 analyzing the factors that have influenced market behaviour in recent years. At a moment of time when tales of rising sea levels and extreme weather patterns are becoming a frequent feature of news reporting, it is not shocking that so lots of shoppers are choosing to shop a lot more conscientiously as a way of lowering their own carbon footprints. As a result, numerous consumers have come to be a lot more mindful when considering shopping, deciding to solely support companies that have made their philosophy on sustainability well known. Various other consumers have made the mindful effort to shop second hand, leading to lots of brands updating their product strategy as a result. With the dilemma 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 probably be concerned to see how sustainability remains 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 means of guaranteeing that their strategy is fundamentally suited for purpose. One of most significant factors set to affect consumer behaviour this year has to be the truth that customers prefer shopping with brands that have invested hugely into developing technology like artificial intelligence and VR, something that is not shocking in an interesting time for the new rapidly developing technologies.