Should you want to discover more about the factors impacting market behaviour this year, simply look at this article.

Like in many different times throughout history, there have been many factors that have resulted in consumer behaviour change this year, factors that influence just 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 guarantee that their upcoming product lines will be prosperous with their target audiences, allowing 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 affect consumer behaviour in recent times has to be social media, the web platforms that have attained huge popularity amongst both the 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 retail companies to directly sell their merchandise to their target audiences, with certain brands developing interesting deals and product bundles only available within the platform. As we are in a time when the huge reach of social media is not really expected to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see how other brands continue to take advantage of social media shopping in the months ahead.

For shops, recognizing the importance of consumer behaviour has never been so important, as it is a brilliant way for brand names to ensure that they are communicating to their target audience in the most efficient way possible. In recent years, many companies have been taking note of changing consumer behaviour in retail and evaluating the factors that have affected consumer behaviour in recent times. At a time when stories of rising sea levels and extreme weather patterns are becoming a frequent element of news reporting, it is unsurprising that so some consumers are deciding to shop a lot more responsibly as a way of lowering their own carbon footprints. As a result, many consumers have become a great deal more cautious with regards to shopping, opting to only back companies that have made their philosophy on sustainability widely 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 result. With the issue 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 be interested to witness exactly how sustainability continues to be a factor that influences consumer behaviour.

With a new economic year about to commence, we imagine many brands will be paying attention to consumer behaviour change examples as a means of ensuring that their product strategy is fundamentally suited for purpose. One of prominent factors set to impact consumer behaviour in 2024 has to be the fact that consumers really like shopping with brand names that have invested hugely into developing technology like artificial intelligence and VR, something that is not shocking in an interesting time for the rapidly developing technology.