Factors influencing consumer behaviour UK nowadays

Factors influencing consumer behaviour UK nowadays

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We are actually going to be spending a while examining the factors that have affected consumer behaviour in 2024.

Like in many other years through out history, there has been countless factors that have contributed to consumer behaviour change in 2024, factors that effect precisely 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 upcoming products will be successful with their target audiences, enabling them to comfortably know that they will have the ability to reach profit during the upcoming fiscal year. One of the greatest factors to impact consumer behaviour recently has to be social media, the internet platforms that have achieved immense 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 products to their target customers, with a few brands creating exciting promotions and product packages only available on the platform. As we happen to be in a time when the reach of social media is definitely not envisioned to go down at any time soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly how other retailers continue steadily to make use of social media shopping in the many months ahead.

For retailers, 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 demographic in the most efficient way possible. In recent years, many brand names 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 tales of rising sea levels and extreme weather patterns are becoming a frequent element of news reporting, it is not shocking that so many consumers are deciding to shop a lot more responsibly as a method of lowering their own carbon footprints. As a result, lots of consumers have come to be much more careful in relation to shopping, choosing to exclusively 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 numerous brands updating their product strategy as a result. With the dilemma of global climate change not set to disappear any time in the future, we think 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 many 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 impact consumer behaviour in 2024 has to be the reality 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.