This informative article goes over a number of factors impacting consumer behaviour in 2024.

Like in many different times throughout history, there have been many factors that have resulted in consumer behaviour change in 2024, factors that impact how we as people act as customers. For retailers, exploring how has consumer behaviour changed over the years can be a very good way to ensure that their future products will be successful with their desired audiences, permitting them to comfortably understand that they will have the ability to to make 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 tremendous popularity amongst both the 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 customers, with a few brands creating exciting promotions 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 fascinated to see how other brands 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 brands to make sure that they are speaking to their target market in the most effective way possible. In recent years, many brands have been focusing on changing consumer behaviour in retail and analyzing the factors that have influenced behaviour in the past several years. At a moment of time when stories of rising ocean levels and extreme weather patterns are becoming a frequent element of news reporting, it is not shocking that so some consumers are choosing to shop a lot more responsibly as a way of decreasing their own carbon footprints. As a result, some consumers have become even more mindful when it comes to shopping, deciding to solely endorse brand names that have made their ethos on sustainability extensively known. Various other consumers have made the conscious effort to shop second hand, leading to lots of brands updating their brand strategy as a direct result. With the issue of global 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 interested to witness exactly how sustainability remains a factor that influences 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 fit for purpose. One of greatest factors set to influence consumer behaviour this year has to be the truth 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 technologies.