Trends in business and markets are predictable trends in the marketplace that influence consumer behavior. By keeping track of trends in the business and market entrepreneurs can match their offerings and services with the requirements and desires of consumers. This will boost the loyalty of their customers and increase sales.
Trend analysis requires observation, research and a keen understanding of what consumers need and desire. Entrepreneurs who do not meet their targets like Mattel when its Barbie dolls were replaced by Bratz during the 2000s will be in a bind when competing with new, innovative businesses that recognize changing demographic and generational shifts.
In 2023, small companies will employ new technologies to enhance their marketing strategies and reach their target audiences. From Hologram displays to beaming celebrities or influencers directly onto the sales floor, marketers will leverage the latest technology to enhance their messages and entice customers.
Another business trend to be aware of is the increasing emphasis on employee wellbeing and the development of flexible working environments. This is in part a response to the coronavirus lockdown, and is likely to continue as the economy improves and companies look to recruit top the best talent.
Economic trends give an overview of the health and vitality of a market. Prices for oil, for instance tend to increase as the economy grows and energy demand increases globally. However, wars or disruptions to mining could limit the availability of a product and reduce its price. The same is true for bonds and stocks that fluctuate in value according to investor sentiment announcements, quarterly results, economic readings, and natural fluctuations between supply and demand.