The next few paragraphs goes through some of the factors impacting consumer behaviour this year.
Just like in many some other years throughout history, there has been various factors that have resulted in 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 during the course of the approaching financial year. One of the most significant factors to influence consumer behaviour in recent years has to be social media, the online platforms that have accumulated massive popularity among both Millennial and Gen Z 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 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 expected to decrease anytime 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 essential, as it is a great way for famous brands to make sure that they are speaking to their target demographic in the most efficient way possible. In recent years, many companies have been being attentive to changing consumer behaviour in retail and reviewing the factors that have impacted market behaviour in recent years. At a time when stories of rising sea levels and extreme weather patterns are becoming a consistent feature of current affairs, it is unsurprising that so various consumers are choosing to shop a lot more responsibly as a method of reducing their own carbon footprints. As a result, countless consumers have come to be a lot more mindful with regards to shopping, opting to exclusively endorse brand names that have made their ethos on sustainability universally known. Some 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 disappear any time in the future, we anticipate the hedge fund which owns Waterstones and the fund that partially owns Amazon will be interested to witness exactly how sustainability remains a factor that effects market behaviour.
With a new economic year about to start, we think numerous brands will be being attentive to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately suited for purpose. One of prominent factors set to impact consumer behaviour in 2024 has to be the reality that customers have a preference for shopping with companies that have invested hugely into developing technologies like AI and VR, something that is not shocking in an interesting time for the rapidly developing technology.