Political: As the UK has decided to leave the EU, it could affect the future of my business. If I wanted to open up stores across Europe, it will cost me a lot more. Trading will suffer, the price will increase to import and export products. This would mean I would have to increase the prices of my stock to cover it and I will have to increase the VAT. This could have a negative impact as the customers won’t want to buy more expensive products, my brand won’t be as affordable. As well, it will cost me more to important products from European companies and having them made abroad.
Economical: Due to Brexit, the value of the pound has dropped. This has prevented people from shopping and has encouraged people to save their money. Therefore, will people really want to spend more money on their dogs? Is it really necessary? Despite the fact Bertie’s Boutique isn’t an overly expensive brand, people may decide to spend their money on more important things.
Social: My target audiences age is 17 – 30. Millennials are now tending to get married later and live at home for a lot longer, due to the cost of living. Therefore, with less bills to pay they have a lot of disposal income which can be spent on their dogs. Millennials are very influenced by celebrities and promoters on social media. They can easily affect their buying habits. Therefore, I will use promoters who are known for loving their dogs to post pictures of our products, this will hopefully attract more customers and increase sales.