Investigating factors impacting UK consumer market now
Investigating factors impacting UK consumer market now
Blog Article
Allow me to share a few of the different factors that have impacted consumer behaviour in the last few years.
Like in many different times through out history, there's been numerous factors that have contributed to consumer behaviour change this year, factors that effect the way we as people act as consumers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to guarantee that their upcoming products will be prosperous with their target audiences, allowing them to conveniently know that they will be able to reach profit in the course of the approaching financial year. One of the most significant factors to influence consumer behaviour in recent years has to be social media, the online platforms that have accumulated great popularity among both Millennial and Gen Z audiences in recent decades. In the past few years, a short video sharing website has become an unbelievably prominent method for brands to directly sell their goods to their target consumers, with many 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 certainly not expected to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly how other retailers continue steadily to make full use of social media shopping in the many months ahead.
For brands, acknowledging the importance of consumer behaviour has never been so important, as it is a fantastic way for retailers to ensure that they are communicating to their target audience in the most effective way possible. In recent years, many companies have been being attentive to changing consumer behaviour in retail and analyzing the factors that have influenced market behaviour in the last few years. At a moment of time when tales of rising sea levels and unpredictable weather patterns are coming to be 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 become 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 brands 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 witness exactly how sustainability remains a factor that effects market behaviour.
With a new economic year about to start, 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 prominent factors set to impact consumer behaviour in 2024 has to be the reality that consumers really like 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 technology.