How people behave in society changes the business environment. Influences that cause people to think and act differently affect what they buy.
Consumer behaviour changes as society changes. Businesses that acknowledge how social changes affect people’s buying behaviour can grow successfully, regardless.
Examples
Demographics
Features such as gender, age and education can influence the products and services that people buy.
e.g. an ageing population means the proportion of products and services targeting older customers will increase in line with demand.
Ethics
What people strongly believe in will change their buying habits.
e.g. people who are becoming more averse to the idea of animal suffering might be more inclined to eat plant-based meat alternatives.
Diversity
The movement of people through immigration changes the tastes and tendencies of customers.
e.g. South Asian food products have grown in popularity across the UK in line with the South Asian diaspora settling.