Consumer preferences are constantly changing, especially as new generations come up and drive shopping behaviors. Gen Z has already started to influence the way that people shop. Read here about shopper promiscuity and the end of brand loyalty. https://www.forbes.com/sites/forbesagencycouncil/2023/08/29/its-time-for-market-research-to-evolve/?sh=6a84313554d5
When budgets are tight and items need cut market research, whether it be an internal department or an external agency, might seem like the best thing to cut out. This is not true. Market research will help your company save money! This article has some wonderful insights into the importance of market research. https://www.forbes.com/sites/forbesagencycouncil/2023/07/20/why-market-research-is-essential-for-biotech-and-healthcare-companies/?sh=19e4191563a3