Consumer preferences are changing due to several reasons, including:
Technological Advancements: The rise of digital technologies and the internet has revolutionized how consumers shop, access information, and interact with brands. Economic Factors: Economic fluctuations can impact consumer spending habits. For instance, during economic downturns, consumers may prioritize value and affordability. Cultural Shifts: Changes in societal values and lifestyles, such as a growing emphasis on sustainability and health, influence consumer preferences. Globalization: Increased exposure to diverse cultures and products has broadened consumer choices and expectations. Demographic Changes: The preferences of emerging consumer groups, such as millennials and Gen Z, differ significantly from older generations.