Market and Business Trends

Business and market trends are predictable patterns in the marketplace that influence consumer behavior. Being aware of these trends allows entrepreneurs to match their products and services with the demands of consumers to increase brand loyalty and sales.

Trend analysis requires a lot of research, observation and a keen sense of what consumers want and are looking for. Entrepreneurs who miss the mark, as Mattel did when its Barbie dolls lost market dominance to Bratz in the early 2000s, are not able to compete against new innovative companies that can recognize the changing demographics and shifts in the demand of consumers.

In 2023, expect see small companies leveraging the latest technology to bolster their marketing strategies and captivate their customers. From displays that show holograms to beaming celebrities or influential people directly onto the sales floor, marketers will use the latest technology to enhance their messages and attract customers.

Another business trend to be aware of is the growing emphasis on employee health and wellbeing as well as the development of flexible work environments. This is partly in response to the coronavirus-related lockdown and is likely to keep growing with the improvement in the economy as well as the desire to attract new talent.

Economic trends offer a snapshot of the health and vitality of markets. For instance, oil prices typically rise as the economy grows and global energy demand increases. In the opposite direction, wars and mining disruptions could decrease the availability of a certain commodity. Bonds and stocks are affected by news, investor sentiment reports, quarterly results of companies, economic readings and natural fluctuations in supply and demand.

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