This blog post goes through the various factors impacting consumer behaviour in 2024.
Like in many other times through out history, there's been numerous factors that have contributed to consumer behaviour change this year, factors that influence just how we as individuals 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 products will be successful with their target audiences, enabling them to comfortably know that they will have the ability to make profit during the forthcoming economic year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have attained astounding 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 way for brands to directly sell their products to their target consumers, with a few brands creating exciting promotions and product bundles only available within the platform. As we are in a time when the reach of social media is certainly not 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 brands, recognizing the importance of consumer behaviour has never been so important, 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 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 years. At a time when tales of rising sea levels and unpredictable weather patterns are coming to be a regular part of current affairs, it is unsurprising that so countless shoppers are choosing to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, various consumers have become a lot more careful when it comes to shopping, deciding 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 go away completely anytime soon, we envision the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be concerned to see how sustainability remains a factor that has an effect on market behaviour.
With a new economic year about to begin, we envision many brands will be being attentive to consumer behaviour change examples as a method of guaranteeing that their strategy is fundamentally suited for purpose. One of most significant factors set to affect consumer behaviour in 2024 has to be the reality that customers have a preference for shopping with companies 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.