Factors impacting consumer behaviour UK now
Factors impacting consumer behaviour UK now
Blog Article
Below are a few of the different factors that have impacted consumer behaviour in the last few years.
Like in many other times through out history, there's been lots of factors that have contributed to consumer behaviour change in 2024, factors that effect precisely how we as people act as people. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their future product lines will be successful with their desired audiences, enabling them to comfortably know that they will be able to reach 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 gained immense popularity among both Gen Z and Millennial audiences in recent times. In the past several years, a short video sharing platform has become an incredibly sought after method for retailers to directly sell their items to their target customers, with a few brands developing interesting deals and product bundles only available within the platform. As we are in a time when the reach of social media is definitely not anticipated 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 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 demographic in the most efficient way possible. In recent years, many companies have been taking note of changing consumer behaviour in retail and investigating the factors that have influenced behaviour in the last few years. At a moment of time when tales of rising sea levels and unpredictable 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 considering shopping, deciding to solely support 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 retail companies updating their brand plan of action as a direct result. With the issue of global climate change not set to go away completely anytime soon, we envision the hedge fund which owns Waterstones and the fund that partially owns Amazon are likely to be intrigued to see just how sustainability continues to be a factor that affects consumer behaviour.
With a new financial year about to get started, we anticipate 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 prominent factors set to impact consumer behaviour in 2024 has to be the reality that customers really like 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 technologies.