The next few paragraphs goes through a number of the factors impacting market behaviour this year.
Just like in many some other years throughout history, there has been countless factors that have resulted in consumer behaviour change in 2024, factors that effect precisely how we as people act as consumers. For retailers, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future product lines 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 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 accumulated great popularity amongst both the Millennial and Gen Z audiences in recent decades. In the past several years, a short video sharing platform has become an incredibly sought after way for retail companies to directly sell their merchandise to their target markets, with certain brands developing interesting deals and product bundles only available within the platform. As we are in a time when the market reach of social media is not really forecasted to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be fascinated to see just how other brands continue steadily to utilize social media shopping in the months ahead.
For brands, acknowledging 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 looking over the factors that have affected 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 some consumers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, many consumers have become even more mindful when considering shopping, opting to only support companies that have made their philosophy on sustainability widely known. Some other consumers have made the mindful effort to shop second hand, resulting in numerous retailers updating their product plan of action as a result. With the dilemma of climate change not set to disappear completely any time soon, we imagine the hedge fund which owns Waterstones and the fund that partially owns Amazon will probably be concerned to witness 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 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 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 interesting time for the rapidly developing technology.