The next few paragraphs goes through a number of the factors impacting market behaviour this year.
Just like in many some other years through out history, there has been countless factors that have contributed to consumer behaviour change in 2024, factors that effect the way we as individuals act as consumers. For merchants, exploring how has consumer behaviour changed over the years can be a great way to make sure that their future product lines will be prosperous with their desired audiences, allowing them to conveniently understand that they will have the ability to to make profit in the course of the approaching 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 achieved tremendous popularity among both Gen Z and Millennial audiences in recent times. In the past few years, a short video sharing website has become an unbelievably prominent method for brands to directly sell their items to their target customers, with a few brands creating exciting promotions 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 fascinated to see how other brands continue to take advantage of social media shopping in the months ahead.
For brands, recognizing the importance of consumer behaviour has never been so important, as it is a fantastic way for brand names to ensure that they are communicating 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 examining the factors that have affected consumer behaviour in recent times. At a time when tales of rising sea levels and unpredictable weather patterns are coming to be a frequent element of news reporting, it is unsurprising that so some consumers are choosing to shop a lot more responsibly as a way of decreasing their own carbon footprints. As a result, many consumers have become even more mindful when considering shopping, opting to solely support companies that have made their philosophy on sustainability widely known. 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 in the future, we anticipate 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 impacts consumer behaviour.
With a new financial year about to start off, we anticipate numerous brands will be paying attention to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately suited for purpose. One of most important factors set to effect consumer behaviour in 2024 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 interesting time for the rapidly developing technology.