Below are a few of the different factors that have impacted consumer behaviour in the last few years.
Like in many different times 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 people. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their upcoming 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 biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have accumulated great popularity among both Millennial and Gen Z audiences in recent decades. In recent years, a short video sharing website has become an incredibly sought after way for retailers to directly sell their merchandise to their target markets, with certain brands developing interesting deals and product packages only available on the platform. As we happen to be in a time when the market reach of social media is not forecasted to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see exactly how other retailers continue steadily to make use of social media shopping in the several months ahead.
For retailers, recognizing the importance of consumer behaviour has never been so essential, as it is a great way for famous brands to guarantee that they are talking to their target audience in the most effective way possible. In recent years, many brands have been being attentive to changing consumer behaviour in retail and evaluating the factors that have affected behaviour in recent times. At a time when stories of rising sea levels and unpredictable weather patterns are becoming a frequent element of current affairs, it is unsurprising that so various consumers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, various consumers have become a lot more careful when it comes to shopping, deciding to exclusively endorse brand names 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 any time soon, we imagine the hedge fund which owns Waterstones and the fund that partially owns Amazon will probably be interested to witness exactly how sustainability remains a factor that influences consumer behaviour.
With a new economic year about to start off, we anticipate many brands will be paying attention to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately fit for purpose. One of most important factors set to effect consumer behaviour this year has to be the fact that consumers prefer shopping with brands that have invested hugely into developing technology like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technologies.