Investigating factors impacting UK consumer market now

Investigating factors impacting UK consumer market now

Blog Article

This blog post goes through a few of the factors impacting 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 influence just how we as people act as people. 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 target audiences, allowing them to conveniently understand that they will be able to reach 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 attained huge popularity among both Gen Z and Millennial audiences in recent times. In the past few years, a short video sharing platform has become an exceedingly prominent method for brands to directly sell their products to their target consumers, with many brands developing interesting offers 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 intrigued to see just how other retailers continue steadily to utilize social media shopping in the many months ahead.

For brands, acknowledging the importance of consumer behaviour has never been so vital, as it is a fantastic way for retailers to assure that they are speaking to their target demographic in the most efficient 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 years. 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 various consumers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, some consumers have become even more mindful when considering shopping, deciding to solely support companies that have made their philosophy on sustainability widely known. Other consumers have made the conscious effort to shop second hand, resulting in numerous retailers updating their product plan of action as a result. With the dilemma of climate change not set to disappear completely any time in the future, we anticipate the hedge fund which owns Waterstones and the fund that partially owns Amazon will be fascinated to observe exactly how sustainability continues to be a factor that impacts consumer behaviour.

With a new financial year about to start off, we anticipate numerous brands will be paying attention to consumer behaviour change examples as a way of ensuring that their product strategy is ultimately suited for purpose. One of most important 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.