We are planning on investing a while going through the factors that have affected market behaviour in 2024.
Just like in many different years throughout history, there have been various factors that have resulted in consumer behaviour change in 2024, factors that impact precisely how we as people act as customers. For retailers, exploring how has consumer behaviour changed over the years can be a great way to ensure that their future product lines will be successful with their desired audiences, permitting them to comfortably 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 enormous 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 popular method for retailers to directly sell their items to their target markets, with some brands creating exciting deals and product bundles only available within the platform. As we are in a time when the market reach of social media is not really forecasted to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see just how other retailers continue steadily to make full use of social media shopping in the several months ahead.
For retailers, acknowledging 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 companies have been taking note of changing consumer behaviour in retail and evaluating 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 regular part of current affairs, it is unsurprising that so countless shoppers are choosing to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, lots of consumers have come to be much more careful in terms of shopping, choosing to only back brands that have made their philosophy on sustainability well known. Some other consumers have made the mindful effort to shop second hand, resulting in many retailers updating their product plan of action as a result. With the dilemma of climate change not set to disappear any time in the future, we think the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to see just how sustainability remains a factor that has an effect on market behaviour.
With a new economic year about to start, we envision many brands will be being attentive to consumer behaviour change examples as a means of guaranteeing that their strategy is fundamentally suited for purpose. One of biggest factors set to impact consumer behaviour in 2024 has to be the fact that consumers really like 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.