Exploring factors impacting UK consumer market today
Exploring factors impacting UK consumer market today
Blog Article
The following are just some of the different factors that have influenced consumer behaviour in recent 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 impact precisely how we as people act as customers. For retailers, understanding how has consumer behaviour changed over the years can be a very good way to guarantee that their upcoming product lines will be prosperous with their desired audiences, permitting them to comfortably understand that they will have the ability to make profit during the forthcoming fiscal year. One of the greatest factors to impact consumer behaviour recently has to be social media, the web platforms that have achieved tremendous popularity amongst both the Gen Z and Millennial audiences in recent decades. In the past several years, a short video sharing website has become an incredibly sought after method for retailers to directly sell their items to their target customers, with a few brands creating exciting offers 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 fascinated to see how other brands continue to take advantage of social media shopping in the several months ahead.
For shops, 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 market in the most effective way possible. In recent years, many brand names have been paying attention to changing consumer behaviour in retail and taking a look at the factors that have impacted consumer behaviour in recent times. At a time when tales of rising sea levels and extreme 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, countless consumers have come to be a lot more careful when it comes to shopping, deciding to solely support companies that have made their philosophy on sustainability universally known. Other consumers have made the mindful effort to shop second hand, resulting in many retailers updating their brand plan of action as a result. With the issue of climate change not set to disappear completely any time soon, we imagine the hedge fund which owns Waterstones and the fund that partially owns Amazon will probably be concerned to witness how sustainability remains a factor that has an effect on market behaviour.
With a new financial year about to start, we think numerous brands will be being attentive 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 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 VR, something that is not shocking in an interesting time for the rapidly developing technology.