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 lots of factors that have contributed to consumer behaviour change in 2024, factors that effect precisely how we as people act as customers. 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 understand that they will have the ability to to make profit in the course of the approaching economic year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have gained massive popularity among both Millennial and Gen Z audiences in recent times. In the past few years, a short video sharing platform has become an exceedingly prominent way for retail companies to directly sell their goods to their target audiences, 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 envisioned to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see exactly how other retailers continue steadily to make full use of social media shopping in the many months ahead.
For brands, recognizing the importance of consumer behaviour has never been so important, as it is a brilliant way for brand names to ensure that they are communicating to their target audience in the most effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and reviewing the factors that have impacted market behaviour in the last few years. At a moment of time when tales of rising sea levels and unpredictable 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, various consumers have become a lot more mindful when considering shopping, opting to only 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 think the hedge fund which owns Waterstones and the fund that partially owns Amazon will be fascinated to observe exactly how sustainability continues to be a factor that influences market behaviour.
With a new economic year about to commence, we imagine many brands will be being attentive to consumer behaviour change examples as a method of guaranteeing that their product strategy is ultimately fit for purpose. One of greatest factors set to effect consumer behaviour this year has to be the fact that consumers prefer shopping with retailers that have invested hugely into developing technology like artificial intelligence and VR, something that is not shocking in an exciting time for the new rapidly developing technologies.