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Market and business trends are a predictable feature of the marketplace that influence consumer behavior. Staying on top of these trends helps entrepreneurs to match their products and services with the needs of consumers, boosting brand loyalty and sales.

Trend analysis requires research, observations and a keen awareness of what people need and are looking for. Entrepreneurs who do not meet their targets, such as Mattel when its Barbie dolls were overtaken by Bratz in the 2000s, will be ill-equipped for competition with new, innovative businesses that recognize changing demographic and generational shifts.

In 2023, expect to small businesses harnessing the latest technologies to improve their marketing strategies and engage their customers. From the hologram display to beaming celebrities or influential people directly onto the sales floor, marketers will use the latest technology to enhance their messages and entice customers.

Another business trend to watch is the increasing emphasis on employee wellbeing and the development of flexible work environments. This is largely due to the coronavirus-related lockdown, and it will continue with the improvement of the economy as well as the desire to recruit the best talent.

Economic trends can give you a an overview of a market’s health and vitality. For instance, prices for oil generally rise as the economy expands and the demand for energy in the world increases. In the opposite direction wars and disruptions to mining could decrease the supply of a certain commodity. The same goes for bonds and stocks, which rise or fall in value depending on the sentiment of investors reports on news, quarterly company results, economic readings, and natural fluctuations in supply and demand.