Below are a few of the different factors that have influenced consumer behaviour recently.

Just like in many some other years through out history, there has been countless factors that have contributed to consumer behaviour change this year, factors that affect the way we as individuals act as consumers. For merchants, understanding how has consumer behaviour changed over the years can be a great way to make sure that their upcoming product lines will be prosperous with their target audiences, enabling them to conveniently know that they will have the ability to reach profit during the course of the upcoming economic year. One of the biggest factors to influence consumer behaviour in recent years has to be social media, the online platforms that have accumulated great popularity amongst both the Millennial and Gen Z audiences in recent decades. In the past several years, a short video sharing platform has become an incredibly prevalent way for retail companies to directly sell their goods to their target audiences, 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 definitely not anticipated to decrease anytime soon, we imagine the fund that partially owns Walgreens Boots will be interested to see exactly how other retail companies continue to make the most of social media shopping in the several months ahead.

For shops, recognizing the importance of consumer behaviour has never been so essential, 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 companies have been taking note of changing consumer behaviour in retail and evaluating the factors that have affected consumer behaviour in recent times. At a time when stories of rising sea levels and extreme weather patterns are becoming a frequent element of news reporting, it is unsurprising that so some consumers are choosing to shop a lot more responsibly as a way of decreasing their own carbon footprints. As a result, many consumers have become even more mindful when considering shopping, opting to solely support companies that have made their philosophy on sustainability widely known. Other consumers have made the mindful 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 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 just how sustainability continues to be a factor that impacts consumer behaviour.

With a new financial year about to get started, we think numerous brands will be being attentive 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 prefer shopping with brands 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.