Factors impacting consumer behaviour UK now

Factors impacting consumer behaviour UK now

Blog Article

We are actually planning on spending some time exploring the factors that have impacted consumer behaviour in 2024.

Like in many some other years throughout history, there has been numerous factors that have contributed to consumer behaviour change this year, factors that influence precisely how we as people act as customers. For merchants, exploring how has consumer behaviour changed over the years can be a very good way to make sure that their future product lines will be successful with their desired audiences, allowing them to comfortably know that they will have the ability to reach profit during the forthcoming financial year. One of the most significant factors to influence consumer behaviour in recent times has to be social media, the online platforms that have attained massive popularity among both the Gen Z and Millennial audiences in recent times. In the last few years, a short video sharing platform has become an incredibly sought after way for retailers to directly sell their items to their target customers, with some brands creating exciting promotions and product packages only available on the platform. As we happen to be in a time when the power 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 make the most 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 fantastic way for brand names to guarantee that they are speaking to their target demographic in the most effective way possible. In recent years, many brands have been paying attention to changing consumer behaviour in retail and investigating the factors that have affected behaviour in recent years. At a time when stories of rising ocean levels and unpredictable weather patterns are coming to be a consistent feature of current affairs, it is not shocking that so various shoppers are deciding to shop much more responsibly as a way of lowering their own carbon footprints. As a result, various consumers have become even more cautious in terms of shopping, choosing to exclusively endorse companies that have made their philosophy on sustainability widely 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 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 see how sustainability remains a factor that has an effect on market behaviour.

With a new financial year about to get started, we think numerous brands will be paying attention to consumer behaviour change examples as a way of ensuring that their strategy is fundamentally suited for purpose. One of biggest factors set to affect consumer behaviour in 2024 has to be the reality that customers have a preference for shopping with companies that have invested hugely into developing technologies like AI and virtual reality, something that is unsurprising in an exciting time for the new rapidly developing technology.