This informative article goes through a few of the factors impacting consumer behaviour in 2024.
Just like in many different years throughout history, there has been lots of factors that have resulted in consumer behaviour change this year, factors that influence the way we as people act as consumers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their upcoming products will be prosperous with their desired audiences, allowing them to comfortably know that they will have the ability to to reach profit in the course of the upcoming economic year. One of the greatest factors to influence consumer behaviour recently has to be social media, the web platforms that have accumulated tremendous popularity amongst both Gen Z and Millennial audiences in recent times. In recent years, a short video sharing website has become an unbelievably prevalent way for brands to directly sell their goods to their target markets, with a few brands developing interesting promotions and product packages only available within the platform. As we are in a time when the power of social media is not really envisioned to go down anytime soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see how other retail companies continue steadily to make the most of social media shopping in the several months ahead.
For brands, recognizing the importance of consumer behaviour has never been so essential, as it is a great way for retailers to ensure that they are talking to their target demographic in the most efficient way possible. In recent years, many companies have been focusing on changing consumer behaviour in retail and examining the factors that have influenced behaviour in recent years. At a time when tales of rising sea levels and unpredictable weather patterns are coming to be a frequent element of news reporting, it is not shocking that so many shoppers are deciding to shop much more responsibly as a method of lowering their own carbon footprints. As a result, lots of consumers have come to be much more careful when considering shopping, opting to only support companies that have made their philosophy on sustainability widely known. Some other consumers have made the mindful effort to shop second hand, resulting in numerous retailers updating their product strategy as a direct result. With the issue of global climate change not set to go away completely anytime soon, we envision the hedge fund which owns Waterstones and the fund that partially owns Amazon will probably be interested to witness how sustainability remains a factor that effects consumer behaviour.
With a new financial year about to get started, we think numerous brands will be being attentive to consumer behaviour change examples as a means of ensuring that their product strategy is ultimately fit for purpose. One of most significant factors set to affect consumer behaviour in 2024 has to be the fact that customers have a preference for shopping with companies that have invested hugely into developing technological innovations like artificial intelligence and VR, something that is unsurprising in an exciting time for the new rapidly developing technology.