A number of changes on the socio cultural level have affected how people shop and make their shopping decisions or which brands they prefer to shop from. The technological factor can also affect the garment industry by defining the availability of the resources and their optimal use.
To sum up, the fashion industry seems difficult to successfully dive into, and bleak for companies already within this space. Another area where technology has benefitted the fashion brands is in terms of overseas expansion.
Still, the industry is hopeful about The recent US elections also had a deep impact on it.
There are other laws related to international trade too that require compliance. Since the recession, while there has been a lot of recovery, there is more to unfold in Furthermore, the country also possesses one of the strongest IT sectors in the world, promoting constant IT development, software upgrades and other technological advancements.
They have Pest analysis of fashion industry of india more discerning and make decisions based on information which they can acquire easily from several resources.
Today consumers are well ignored and make choices after researching everything. Consumers often shop for cheaper brands when they have less disposable income.
This is a pestle analysis evaluating how the various political, economic, social technological, environmental and legal factors affect the fashion industry.
It is considered one of the key industries in the global economy and in terms of GDP if it was a nation would have been the seventh largest economy in the world. The ongoing political shifts in US and UK have also affected the state of the fashion industry. Privatization is also influenced and the government encourages free business through a variety of programs.
Most apparel companies source their products from third world manufacturers who receive just fractions of the profit. The fashion industry has felt the push and the rise of fast fashion is a proof. The fashion industry is a large employer and apart from the labor laws the other common laws applicable in business also apply on it.
Instead, small companies must adapt to these macroenvironmental factors, which include consumer characteristics, technology, government influence and the economy. Social Factors Garment industry is mainly affected by the social behavior of the people and their attitude towards the product. Various gang rape cases were also reported in different parts of the country, which show the alarming situation of the country.
Legal Factors Indian government has made many legal changes and introduced disability discrimination legislation and has increased the minimum wage. The elections are conducted at the end of the tenure of any government, so there is no political turmoil among the political parties.
The level of competition in the industry has also affected individual brands and their sales and profits. Buyers have large amounts of indirect power to bargain with — i. If ranked alongside the economies of the world, it would be ranked the seventh largest economy. The government has adopted its privatization policy to improve the efficiency and productivity of the government.
Ethics and compliance are important focus areas for the big brands and they are working actively in his direction. Social Factors The social factors of India comprise of various social trends and changes like values, festivals, languages, traditions, belief, lifestyle, demographic features and customs.
Many social causes such as rules against child labor has also affected the garment industry. Retailers may increase the prices of cotton clothing if they encounter shortages of this raw material, as they must pay their manufacturers more.
An aging population may increase the demand for larger jeans and pants sizes, such as relaxed or looser-fitting styles. Competitive Rivalry The fashion industry is an interesting one when it comes to analyzing through the intensity of competitive rivalry. Please consider supporting us by disabling your ad blocker.
It has developed online gambling, MP3 players, computer games and high definition TVs and they can also do online shopping.
The government is making timely decision for investment and business policies for the foreign product manufacturers, executives, investors, and material suppliers.
In this way, the fashion industry affects and is affected by the economic factors. Judgment of flaws and judgment of opportunities are important for the improvement of garment industry.PESTLE Analysis of Garment Industry. Many social causes such as rules against child labor has also affected the garment mi-centre.com addition to that fashion trend changing so quickly has led garment industry to take into acknowledgement and.
pest analysis of textile industry in india 4. • Political (Legal) Aspects: An Industry will not be able to gain success, good reputation and trust if itwill not consider legal and political sector as part of their strategy. For the fashion industry the Indian political structure is stable, however India experienced political volatility for a few years due to the letdown of any party.
Know More India Risk Analysis This market research report covers current and future business risk analysis for India along with macroeconomic factor analysis.
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In this analysis tell the environment of India. Factors of India. Government policy, literacy, privatisation, legal problem, technology use India, any many factors given below. /5(21). PESTLE-PESTEL Analysis of India. by adamkasi | Apr 12, | Countries | 0 comments.
Pollution free industry is the primary necessity for industrial organization. The industry and urbanization has damaged the environment and most of the premature deaths are occurred in India. The air pollution has affected the public health and their.Download