C2 Changes In Consumer Tastes And Preferences
Consumer tastes and interests generally tend to change over time and when large proportions of customers change their preferences, it affects the way in which they spend money affecting the demand for the goods and services of different businesses.
Examples of changes in tastes and interests include;
Health and nutrition
Consumers have become more health conscious over time. In the past, larger numbers of people smoked cigarettes and it was common to see advertising promoting them. More recently, people have become interested in healthier and more nutritious foods and plant-based options.
Fashion trends
Fashion trends change on a regular basis. This is due to seasonal changes caused by the weather at different times of the year as well as due to the emergence of new trends promoted by the fashion industry and influencers. Recent fashion trends have included the comeback of 90s style fashions.
Technology
Technology has revolutionised the way people conduct a wide range of activities. Devices such as smartphones provide consumers with the convenience to access a wide range of services from the palm of their hands. There has been an increase in the uptake of subscription model products such as Netflix and Spotify and an increasing dominance of e-commerce. Over half of all e-commerce transactions now take place on mobile phones.
Environmental concerns
Consumers are becoming more environmentally aware which is being reflected in people’s buying habits. There is a growing preference for goods and services with a lower environmental impact such as those with environmentally friendly packaging, options for recycling, sustainable fashion and renewable energy.
