P
The decision of Brexit means that Britain has left the EU and the pound has dropped. This has a negative impact on many businesses because clothing prices have increased and transportation prices for example the price of shipping has risen. It is all a chain and the price of the pound dropping has a knock on effect meaning that the end result might lead to the loss of customers due to the price of clothing increasing. In 2011 the standard VAT rate increased from 17.5% to 20%, if this percentage was to increase further it could result in prices of my products increasing and the loss of profit.
E
Competitor retailers affect a business’s financial outcome, if there are stores with similar stock it means their sales may end up being limited as they share the same customers. My brand, ‘All Things Faux ‘has competitor retailers such as Jakke and prettylittlething. However, I do feel as though my business idea is a gap in the market due to the sustainability content. My target audience varies in age meaning that each customer has a different cost of living, as the products sold on my website only range from £10 to £50 and due to recession I think that is affordable for my target customer.
S
Currently, the millennial generation is adapting their lifestyle and getting married at a later age meaning they aren’t making certain commitments and have less bills to pay which allows them to spend their money treating themselves. Fashion plays a bigger part in society currently which has resulted in more people wanting to be fashion forward, as well as this; there has been a change in attitude with sustainable fashion and it has become stylish to be eco-friendly and there is a gap in the market for a brand that promotes faux fashion.