Investigating factors impacting UK consumer market today
Investigating factors impacting UK consumer market today
Blog Article
Allow me to share just some of the different factors that have impacted consumer behaviour in recent years.
Like in many different times throughout history, there have been numerous factors that have contributed to consumer behaviour change this year, factors that effect the way we as individuals act as consumers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their upcoming products will be prosperous with their target audiences, allowing them to conveniently know that they will be able to reach profit in the course of the approaching financial year. One of the most significant factors to influence consumer behaviour in recent years has to be social media, the online platforms that have gained massive popularity among both Millennial and Gen Z audiences in recent times. In the past few years, a short video sharing platform has become an exceedingly prominent way for retail companies to directly sell their goods to their target audiences, with certain brands developing exciting deals and product bundles only available within the platform. As we are in a time when the huge reach of social media is certainly not envisioned to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be intrigued to see exactly how other retailers continue steadily to utilize social media shopping in the months ahead.
For brands, recognizing the importance of consumer behaviour has never been so important, as it is a brilliant way for brand names to ensure that they are talking to their target audience in the most effective way possible. In recent years, many brands have been paying attention to changing consumer behaviour in retail and looking over the factors that have affected consumer behaviour in recent times. At a time when stories of rising ocean levels and extreme weather patterns are growing to be a consistent feature of current affairs, it is not shocking that so countless shoppers are choosing to shop a lot more conscientiously as a way of decreasing their own carbon footprints. As a result, many consumers have become a great deal more cautious in terms of shopping, choosing to exclusively endorse brand names that have made their ethos on sustainability universally 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 issue of climate change not set to go away 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 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 means of guaranteeing 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 brands that have invested hugely into developing technologies like AI and virtual reality, something that is not shocking in an interesting time for the rapidly developing technology.