The second major source of market trends is historical industry data. Companies should pay attention to where their particular niche is headed.
The third major point to consider when identifying market trends is the shifts in consumer needs and behavior.
We'll go over these three categories in more detail, but before we dive in, we should mention that this is not a complete list of sources for market trend analysis.
Market trends are multidimensional, meaning that many are not so obvious at first glance but are nevertheless relevant due to chain reactions. This means that changes in one market affect a completely different one. However, one should also consider:
The emergence of new technologies or the development of existing jordan mobile database technologies is an important source for changes in market trends. For example, the invention of the internal combustion engine completely redefined the future of the automotive industry, leaving electric vehicles behind for a century.
Demographic changes
An important, ever-changing but predictable factor is the demographic breakdown of the population you are tailoring your product and marketing strategies to. For example, millennials are the most diverse generational group of the population ever seen in the United States, and it means that businesses are dealing with a very different, more ethnically and radically diverse consumer than ever before. Therefore, brands should always keep this in mind when designing marketing campaigns, as the concept of a target woman aged 25-35 is almost obsolete.
Upcoming communication trends
With different communication channels (think social media in the late 2000s) and different messages (think Always positioning we mentioned earlier), the more “informed” brands that make the effort to connect with their audience at the right time will have a greater opportunity to position themselves.
Economic factors
A big part of marketing strategy is economic factors (political, social and technological) which are an important aspect to consider when trying to uncover market trends. The global pandemic has shown us that even though online shopping may be increasing, online consumer spending is still lower than forecasts before the pandemic due to the overall low consumer confidence rate.