Business and market trends are a predictable feature of the marketplace that influence consumer behavior. Keeping abreast of these trends helps entrepreneurs to ensure that their products and services are in line with the needs of consumers, boosting this link brand loyalty and sales.
Trend analysis requires observation, research and a keen understanding of what consumers want and need. Entrepreneurs who do not meet their targets, such as Mattel when its Barbie dolls were surpassed by Bratz during the 2000s will be ill-equipped for competition with innovative, new businesses that recognize changing demographic and generational shifts.
In 2023, expect see small businesses using the latest technology to bolster their marketing strategies as well as captivate their audiences. Marketers will make use of modern technology to increase the number of and engage their customers. This could include holograms or projecting influencers or celebrities onto the floor of sales.
Another trend in business to be on the lookout for is the increased emphasis placed on employee wellbeing and the creation of flexible working environments. This is a direct response to the coronavirus lockdown, and is likely to continue as the economy improves and companies look to recruit top talent.
Economic trends provide an overview of the health and vitality of markets. Prices for oil, for instance, tend to rise when the economy expands and energy demand rises globally. In the opposite direction conflict and disruptions in mining can reduce the supply of a particular commodity. Stocks and bonds are affected by news, investor sentiment and quarterly results of businesses, economic readings and natural fluctuations in supply and demand.