Investigating factors impacting UK consumer market now
Investigating factors impacting UK consumer market now
Blog Article
We are actually planning on investing a while going through the factors that have affected market behaviour in 2024.
Like in many different times throughout history, there have been many factors that have resulted in consumer behaviour change this year, factors that influence how we as people act as customers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their future products will be successful with their desired audiences, permitting them to comfortably understand that they will have the ability to to make profit in 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 prominent method for brands to directly sell their products to their target consumers, with a few brands creating exciting promotions and product bundles only available on the platform. As we happen to be in a time when the reach of social media is certainly not envisioned to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly 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 great way for brands to make sure that they are talking to their target market in the most effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and reviewing the factors that have influenced behaviour in the last few years. At a moment of time when tales of rising ocean levels and inclement weather patterns are growing to be a consistent feature of current affairs, it is not shocking that so numerous shoppers are deciding to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, countless consumers have come to be much more careful in relation to shopping, choosing to exclusively endorse brand names that have made their ethos on sustainability extensively known. Various other consumers have made the conscious effort to shop second hand, leading to lots of brands updating their brand strategy as a direct result. With the dilemma of global climate change not set to disappear anytime soon, we envision the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be concerned to see just how sustainability remains a factor that has an effect on market behaviour.
With a new financial year about to start, we think numerous brands will be being attentive to consumer behaviour change examples as a method of guaranteeing that their product strategy is ultimately fit for purpose. One of greatest factors set to influence consumer behaviour this year has to be the truth that customers have a preference for shopping with brands that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.