This particular article goes over a number of the factors impacting market behaviour this year.
Like in many different years through out history, there have been countless factors that have contributed to consumer behaviour change this year, factors that impact the way we as individuals act as customers. For merchants, understanding how has consumer behaviour changed over the years can be a very good way to make sure that their upcoming products will be prosperous with their desired audiences, allowing them to comfortably know that they will have the ability to make profit during the course of the approaching economic year. One of the most significant factors to impact consumer behaviour in recent times has to be social media, the online platforms that have attained immense popularity amongst both Gen Z and Millennial audiences in recent decades. In the last few 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 a few brands creating interesting 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 retail companies continue steadily to make full use of social media shopping in the many months ahead.
For brands, acknowledging 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 effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and taking a look at the factors that have impacted consumer behaviour in recent times. At a time when stories of rising ocean levels and extreme weather patterns are growing to be a consistent feature of current affairs, it is not shocking that so countless shoppers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, numerous consumers have come to be a great deal more careful in relation to shopping, choosing to exclusively endorse brand names that have made their philosophy on sustainability universally 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 think the hedge fund which owns Waterstones and the fund that partially owns Amazon will be fascinated to observe exactly how sustainability continues to be a factor that influences market behaviour.
With a new economic year about to begin, we envision many brands will be being attentive to consumer behaviour change examples as a method of ensuring that their product strategy is ultimately fit for purpose. One of most important factors set to effect consumer behaviour in 2024 has to be the fact that consumers really like shopping with companies that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the rapidly developing technology.