Exploring consumer behaviour 2024 nowadays

Exploring consumer behaviour 2024 nowadays

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Allow me to share just some of the different factors that have influenced consumer behaviour in the last few years.

Just like in many different times throughout history, there's been numerous factors that have contributed to consumer behaviour change this year, factors that affect 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 biggest 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 website has become an unbelievably prominent method for brands to directly sell their goods to their target consumers, with many brands developing interesting 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 expected to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly how other retail companies continue steadily to make full use of social media shopping in the many months ahead.

For brands, acknowledging the importance of consumer behaviour has never been so important, as it is a fantastic way for retailers to ensure that they are communicating to their target audience in the most effective way possible. In recent years, many brands have been being attentive to changing consumer behaviour in retail and analyzing the factors that have influenced market 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 shoppers are deciding to shop much more conscientiously as a method of reducing their own carbon footprints. As a result, various consumers have become even more mindful with regards to shopping, opting to only back brands that have made their ethos on sustainability extensively known. Various other consumers have made the conscious effort to shop second hand, leading to numerous retailers updating their product strategy as a result. With the dilemma 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 brands that have invested hugely into developing technologies like AI and VR, something that is not shocking in an interesting time for the rapidly developing technology.