This short article goes over several factors impacting consumer behaviour in 2024.
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 just how we as individuals act as people. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their future product lines will be successful with their desired audiences, enabling them to comfortably know that they will have the ability to reach profit during the course of the upcoming fiscal year. One of the most significant factors to affect consumer behaviour in recent times has to be social media, the web platforms that have attained astounding popularity amongst both the Millennial and Gen Z audiences in recent decades. In recent years, a short video sharing website has become an unbelievably popular method for brands to directly sell their products to their target consumers, with a few brands developing 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 forecasted to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see how other retail companies continue to make use of social media shopping in the several months ahead.
For retailers, acknowledging the importance of consumer behaviour has never been so vital, as it is a fantastic way for retailers to assure that they are communicating to their target demographic in the most efficient way possible. In recent years, many companies 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 ocean levels and unpredictable weather patterns are coming to be a regular element of news reporting, it is unsurprising that so some consumers are deciding to shop much more responsibly as a method of reducing their own carbon footprints. As a result, countless 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. Some other consumers have made the mindful effort to shop second hand, leading to lots of retail companies updating their brand strategy as a direct result. With the dilemma 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 fascinated to observe exactly how sustainability remains a factor that effects market behaviour.
With a new economic year about to begin, we envision numerous 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 brand names that have invested hugely into developing technological innovations like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.