Understanding factors impacting UK consumer market today
Understanding factors impacting UK consumer market today
Blog Article
Listed here are a few of the different factors that have affected consumer behaviour in the past few years.
Like in many other times through out history, there has been countless factors that have contributed to consumer behaviour change in 2024, factors that impact how we as people 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, permitting them to comfortably understand that they will have the ability to reach profit during the upcoming fiscal year. One of the greatest factors to impact consumer behaviour in recent times has to be social media, the web platforms that have achieved huge popularity amongst both the Gen Z and Millennial audiences in recent decades. In the past several years, a short video sharing website has become an incredibly sought after method for retailers to directly sell their items to their target customers, with a few brands creating exciting offers and product packages only available on the platform. As we happen to be in a time when the power of social media is not forecasted to go down at any time 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 essential, as it is a great way for famous brands to guarantee that they are talking to their target market in the most effective way possible. In recent years, many brand names have been paying attention to changing consumer behaviour in retail and taking a look at the factors that have impacted consumer behaviour in recent times. At a time when tales of rising sea levels and extreme weather patterns are becoming a frequent element of news reporting, it is not shocking that so many 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 careful with regards to shopping, opting to only back brands 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 issue of global climate change not set to go away completely any time in the future, we think the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to observe just how sustainability continues to be a factor that impacts consumer behaviour.
With a new financial year about to start off, we anticipate many brands will be paying attention to consumer behaviour change examples as a means of guaranteeing that their strategy is fundamentally suited for purpose. One of biggest factors set to affect consumer behaviour in 2024 has to be the reality 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 technology.