Factors impacting consumer behaviour UK nowadays

Factors impacting consumer behaviour UK nowadays

Blog Article

We are going to be spending some time examining the factors that have affected consumer behaviour in 2024.

Just like in many some other years throughout history, there have been many factors that have resulted in consumer behaviour change this year, factors that influence just how we as individuals act as consumers. For merchants, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future products will be successful with their target 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 online platforms that have accumulated astounding popularity amongst both Millennial and Gen Z audiences in recent decades. In recent years, a short video sharing website has become an unbelievably popular method for brands to directly sell their products to their target consumers, with many brands developing interesting deals and product packages only available within the platform. As we are 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 how other retail companies continue to make use of social media shopping in the many months ahead.

For retailers, acknowledging the importance of consumer behaviour has never been so vital, as it is a fantastic way for retailers to assure that they are communicating to their target audience in the most efficient way possible. In recent years, many companies have been being attentive to changing consumer behaviour in retail and investigating the factors that have influenced market behaviour in the last few years. At a moment of time when tales of rising sea levels and unpredictable weather patterns are coming to be a regular element of news reporting, it is unsurprising that so many consumers are deciding to shop much more responsibly as a method of reducing their own carbon footprints. As a result, countless consumers have come to be a lot more mindful when considering shopping, deciding to solely 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 anticipate the hedge fund which owns Waterstones and the fund that partially owns Amazon will be fascinated 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 being attentive to consumer behaviour change examples as a method of ensuring that their product strategy is ultimately fit for purpose. One of most important factors set to effect consumer behaviour in 2024 has to be the fact that consumers really like shopping with brand names that have invested hugely into developing technological innovations like artificial intelligence and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.