Pestle Analysis of the Fashion Retail Industry in the UK
In this blog, we have discussed the pestle analysis of the fashion retail industry. In this kind of assessment, you are provided a case study, and based on that you are required to conduct a PESTLE analysis. PESTLE analysis generally focuses on the following factors - Political, Economic, Social, Technology, Legal, and Environmental.
We all wear clothes depending on the type of occasions, sometimes they can be less flashy and sometimes they are jazzy, but each outfit is a result of the fashion industry. When we hear the word fashion, we think of the looks strolling down or the vogue of New York Fashion Week. Such designed outfits were worn by supermodels hits our head first. But, to find solutions for questions like "what makes fashion evolve?" What obligations are retailers and designers forced to follow? Whom all impacts new trends?” you are required to conduct a pestle analysis of the fashion retail industry. It will help you in focusing on the factors that affect fashion that we know today.
PESTLE ANALYSIS - Important Factors
We have already discussed the factors included in the PESTLE analysis. However, in this section, we along with our experts providing case study help have discussed PESTLE analysis factors affecting the fashion retail industry in detail.
The UK government has the power and ability to promote companies to acquire fabrics locally, especially when import taxes are increased as compared to other countries. Most of the people are purchasing from companies who manufacture clothing in the UK, as opposed to companies who usually ship their fabrics.
We should also not forget the political effect on fashion trends. The first lady found herself in the spotlight for her clothing choices. This takes place with the idolization of Jackie Kennedy in the year 1960s and then it was continued with Melania Trump and Michelle Obama. Also, it occurs in the United Kingdom, with Prime Minister Theresa May. People expect social media celebs, actresses, and/or musicians to influence fashion trends.
Economic factors Even after so many years of recession, there are countries that are still recovering, but a large number of people are finding extra money to put into fashion and fashion accessories. People living with a high unemployment rate or low-income need their income to reach survival staples such as rent and food.
It has been noticed that there is an expansion of rentable clothing including casual and formal. This service is very much cost-effective and offers several fashionable options where people can choose outfits depending taste of the person. No matter, if you want to rent a dress, suit, or jewellery, all these can easily find shops with a quick Google search.
Social factors Music and movies have always been a massive fashion impact on any country. Peoples like to buy clothes being used in music videos or movies. There are many songs like "Anaconda" by Nicki Minaj and "Fashion" sung by Lady GaGa who mention brands in song lyrics.
Also, there are musicians and iconic looks that have influenced the fashion industry. For instance, Tupac generally wears gold chains and sagging jeans; M.C Hammer is popularly known for his massive pants, don't forget Michael Jackson's one gloved hand.
Technology Online shopping has now become one of the most convenient for people living in this era. People prefer to shop online rather than visiting busy shops. There are several filters that can help you find the best fit product you are looking for.
In the current era, the internet has boomed online shopping where an individual can only buy clothes but can also them. Girl Boss Sophia Amoruso has begun to buy clothes and sell them for a better profit. There are certain television shows which contribute to the discussion, love, and growth of fashion. Project Runway is one of the leading fashion shows for a decade and is spread all over the world. For the people who don't know about Project Runway, it is a reality show where talented fashion designers come to show to name themself in the household. However, our assignment help experts say that technology is assisting customers to get the fashion they need.
Legal factors Just like other industries, fashion industries are also required to follow some legal rules, policies, and regulations. To be legal, a business should follow export restrictions, tax restrictions, and inflation costs. Moreover, businesses should manage workers' rights, but it can be iffy if the businesses have their products manufactured in foreign countries. Thus, the experts assisting university scholars in pestle analysis fashion retail industry assignments say that several fashion retailers have Asian workers who sew clothing for ridiculously cheap, but there are consumers who used to boycott such brands.
Environmental factors Similar to the above-discussed factors, fashion also impacts the environment which is not good. There are several clothes that are made from cotton, but it is first picked and then shipped all over to be sewn as denim. Jeans we use to wear can be easily soaked in hazardous compounds. Not to discuss how trains, jets, cars, and other transportation methods release smoke and gases into the environment. The clothes are generally put into plastic bags which are tossed into landfills later on. So, these were the few ways in which the fashion industry affects the environment.
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