Factors influencing consumer behaviour UK now
Factors influencing consumer behaviour UK now
Blog Article
We are planning on spending some time exploring the factors that have impacted consumer behaviour this year.
Like in many other times through out history, there's been lots of factors that have contributed to consumer behaviour change in 2024, factors that effect the way we as individuals act as consumers. 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 prosperous with their desired audiences, enabling them to conveniently know that they will be able to reach profit during the course of the upcoming financial year. One of the most significant factors to affect consumer behaviour in recent times has to be social media, the web platforms that have attained huge popularity amongst both the Gen Z and Millennial audiences in recent decades. In the last few years, a short video sharing platform has become an incredibly sought after method for brands to directly sell their products to their target consumers, with a few brands developing exciting promotions and product bundles only available on the platform. As we happen to be in a time when the market reach of social media is not really 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 talking to their target market in the most effective way possible. In recent years, many companies have been paying attention to changing consumer behaviour in retail and taking a look at the factors that have affected consumer behaviour in recent times. At a time when stories of rising sea levels and unpredictable weather patterns are growing to be a consistent part of current affairs, it is unsurprising that so various shoppers are choosing to shop a lot more conscientiously as a method of lowering their own carbon footprints. As a result, lots of consumers have come to be even more careful when considering shopping, deciding to solely endorse brands 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 retail companies updating their brand plan of action as a direct result. With the issue of 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 will probably be concerned to see just how sustainability continues to be a factor that affects consumer behaviour.
With a new financial year about to get started, we anticipate 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 biggest factors set to affect consumer behaviour in 2024 has to be the reality that consumers have a preference for shopping with companies that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the rapidly developing technology.