New Year Celebration is perhaps one of the favourite holidays for most people. For most businesses, the new year celebration means the end of an accounting year. The change of the year signals new hope and beginnings. People can turn over a new leaf and start a new venture that will hopefully grow more in the coming years. As people all over the world bids goodbye to the year 2021, we welcome 2022 hoping for a brighter future.
Moreover, the start of the year signifies the start of businesses as well. Many entrepreneurs choose to hold their business plans at the end of the year so that they can start a new one in the early next year. Also, more business operations indicate that prospective opportunities are becoming available too. To grasp this opportunity, entrepreneurs must be on the lookout for market trends.
New Year Celebration and Market Trend
New Year Celebration is an opportunity for entrepreneurs to wind down and relax after a year of hustling. However, this downtime does not mean that entrepreneurs can do nothing. This time of the year is a perfect period for entrepreneurs to observe the market trend. Concerning consumer behaviour, most will probably opt to try something new for the new year. The notion of ‘new year, new me’ is a contributing factor in this consumer behaviour.
The change in market trends allows entrepreneurs to introduce a new line of products or services. For business starters, these changes in market trends give them a new idea to start a business. The buying behaviour of the market changes not solely due to market trends. A new innovative product from a global brand is also a driving force to create a market trend post new year celebration.
Another factor that leads to the change in market trend is the global socio-economy condition. For instance, remote working trends begin to blossom globally due to the Covid-19 pandemic. Due to this, IT hardware companies, internet companies, and online marketplaces enjoy a hefty income. Catching on the trend, other companies too try to emulate similar services to meet the demands of the market. For instance, massage parlours provide home services.
Facing the Opportunities
The opportunities that present themselves in the wake of the new year celebration is plenty. Regardless of the Covid-19 Omicron strain threat, the activities of buying and selling in society are unstoppable. People have a strong need to acquire items and services to fulfil their needs. If they cannot afford the things they pine for, they might very well go for similar functional products at a lesser price.
Another opportunity is to create a product or service that cater to individualistic needs. With the pandemic occurring globally, there is an increase in demand inefficiency. People have realised that the use of modern technology simplifies a lot of things. Therefore, instead of mindless buying and blindly accepting marketing attempts, buyers have become a lot smarter. They tend to compare and contrast items on the internet to read reviews and study the product in detail. Thus, creating a product that fits the basic core needs of a customer may be lucrative.
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