We are actually going to be investing some time exploring the factors that have affected consumer behaviour in 2024.
Just like in many different times throughout history, there have been numerous factors that have contributed to consumer behaviour change this year, factors that affect how we as people act as people. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to guarantee that their future product lines will be successful with their desired audiences, permitting them to conveniently understand that they will have the ability to to reach profit during the approaching fiscal year. One of the biggest factors to affect consumer behaviour in recent times has to be social media, the internet platforms that have accumulated huge popularity among both the Gen Z and Millennial audiences in recent decades. In the past several years, a short video sharing website has become an incredibly prominent method for retail companies to directly sell their items to their target audiences, with a few brands developing exciting deals and product packages only available within the platform. As we happen to be in a time when the huge reach of social media is not expected to go down anytime soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see exactly how other brands continue to take advantage of social media shopping in the months ahead.
For retailers, acknowledging the importance of consumer behaviour has never been so important, as it is a fantastic way for brand names to guarantee that they are speaking to their target demographic 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 behaviour in the past several years. At a time when stories of rising ocean levels and inclement weather patterns are growing to be a consistent feature of news reporting, 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, many consumers have become a great deal more careful in relation to shopping, choosing to exclusively back brands that have made their philosophy on sustainability widely known. Other consumers have made the conscious effort to shop second hand, resulting in numerous retailers updating their product plan of action as a result. With the issue of climate change not set to go away completely anytime soon, we imagine the hedge fund which owns Waterstones and the fund that partially owns Amazon will probably be interested to witness exactly how sustainability remains a factor that effects market behaviour.
With a new economic year about to begin, we envision numerous brands will be paying attention to consumer behaviour change examples as a way of ensuring that their strategy is fundamentally suited for purpose. One of prominent factors set to impact consumer behaviour in 2024 has to be the truth that customers have a preference for shopping with companies that have invested hugely into developing technological innovations like artificial intelligence and VR, something that is not shocking in an exciting time for the new rapidly developing technology.