We are going to be spending some time examining the factors that have influenced market behaviour this year.
Like in many different 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 people. 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 know that they will be able to reach profit during the course of the approaching financial year. One of the most significant factors to affect consumer behaviour in recent years has to be social media, the online platforms that have gained massive 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 retailers to directly sell their items to their target markets, with some brands creating exciting offers and product packages only available on the platform. As we happen to be in a time when the market reach of social media is not really forecasted to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be intrigued 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 essential, as it is a brilliant way for famous brands to make sure that they are speaking to their target market in the most efficient way possible. In recent years, many brand names have been taking note of changing consumer behaviour in retail and investigating the factors that have influenced behaviour in the last few years. At a moment of time when tales of rising sea levels and unpredictable weather patterns are becoming a frequent feature of current affairs, it is not shocking that so countless shoppers are choosing to shop a lot more responsibly as a way of lowering their own carbon footprints. As a result, numerous consumers have come to be much more careful when it comes to shopping, deciding to solely support companies that have made their philosophy on sustainability well known. Various other consumers have made the conscious effort to shop second hand, leading to lots of brands updating their product plan of action 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 ensuring that their strategy is fundamentally suited for purpose. One of biggest factors set to affect consumer behaviour this year has to be the truth that customers prefer shopping with retailers that have invested hugely into developing technology like artificial intelligence and VR, something that is not shocking in an exciting time for the new rapidly developing technologies.