Analysis the Sunglass Industry in the UK Assignment Sample
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Introduction
The sunglass industry is a rapidly growing industry in the UK as well as in India since the inception of the industry covering maximum output in the respect of frames, sunglass and contact lens making it a billion dollar industry. In this research report, an analysis will be made in respect of PESTLG to find out the change in the industry from 2010 to 2020 and the factors responsible for the change.
Description of the sunglass industry in the UK and India
The sunglass industry is a billion dollar industry which is responsible for the market of sunglass, contact lens and frames of spectacles making it a huge revenue generating industry as the cost of branded sunglasses are more in both the UK and in India. Sunglass is used nowadays not only for protecting against harmful Ultraviolet Rays however it is also used as styling product to enhance the social status or brand image. The different types of sunglass which are popular are Aviator, Browline, Retro Square, Round Sport and Cateye. The sunglass industry in the UK and India is dependent on the buyers who belong to 40% of the total population in the respective countries (Rabbetts and Sliney, 2019).
Overview of the sunglass industry from 2010 to 2020
Eyewear industry is facing an economic boom as the taste and preferences of the customers are changing from the year 2010 to the year 2020. The range of products such as eye frames, contact lenses of different colours and UV protecting glasses including anti-glare glasses are highly in demand in the year 2020. Therefore, the sales are also rising in the year 2020 as the customer’s varied demands are fulfilled by the sunglass industry in the UK and in India. The sales have risen up to USD 7.4 billion in India and USD 5054 million in the UK (Guru, 2019). This means that the share of the market is greater in the UK than in India as India is a developing country therefore the share of the market capitalisation is less than the UK. The taste and preference have also changed since 2010 to 2020 as in 2010 the customer’s demand was to purchase stylish sunglasses with no protection for the UV rays of the sun. However, this demand shifted to the purchase of UV ray protected sunglasses in the year 2020 in both the UK and in India (Mintel. 2021). The growth of the sunglass industry will be huge for both the countries such as the UK and India as both the countries has the potential to expand the business however the growth in sunglass industry in India is will exponential than the UK as the population is more in India and has huge untapped customer base in India (Jain et al., 2018).
PESTLG Analysis
Political
Political stability is the primary reason in the UK through which sunglasses business may develop to explore its business. International relationship of the UK with the other countries are well developed that help to export import business. On the contrary, the sunglass industry in India may be affected by multivariate political factors, more specifically, sunglass business is not able to flourish due to complex political scenarios across different states. The sunglass industry in India may be affected by different opinions provided by the various politicians. However, the healthy international relationships with the USA and Europe have a positive impact on the industry.
Economical
Diverse markets in the UK provide the sunglasses business that help this business to flourish and grow. The purchasing power in the UK may gradually increase, as a result, the economic prosperity of the country by this business also develops (Islam and Mamun, 2017). On the other hand, India’s economic factors have been stable when the industrial reform policies were introduced in 1991. However, the purchasing power may be less than the UK so that this industry may hold the profitable business in India.
Social
In the UK, there is no racial discrimination so that the sunglasses business may achieve the organizational strategic goals. The Sunglass industry in the UK provides health safety tools for the employees that increase productivity.
In India, there are multicultural people with different traditions involved in this industry in comparison to the UK business and that increases the productivity of sunglasses on time. Nowadays, a high population is another main social factor that has a positive effect on this industry.
Technology
Sunglasses industry has several advanced technological tools that increase productivity in the UK and it has a positive effect to explore its business worldwide. The employees get benefitted because the employees may perform rapidly through these advanced technologies (Paurova and Gregova, 2020).
In comparison to the UK industry, India sunglasses industry has less number of advanced technology through which the processes regarding manufacturing industry in sunglasses quite run in slow. Furthermore, the sunglasses industry in India has gradually developed nowadays with the advanced technology.
Legal
Political stability in the UK controls the rule of law and effectiveness of government policies. The administration system in the UK is powerful that helps this sunglass industry for expanding business, however, the taxation system in India similar to service tax, sales tax and income tax is well developed. This business is greatly influenced by several politicians’ interests and their ideology.
Global
In the UK, the sunglasses industry is well explored globally due to well international connection, apart from this, this sunglasses industry may occupy its place because of its style and fashion that attract the customers more (Nandonde, 2019). On a contradictory note, it may be stated that different designs of sunglasses are manufactured in the Indian market, however, its rank is slightly lower than the UK market. Furthermore, both the countries’ sunglasses are UV ray protectant that increases the sales of the sunglasses in both the countries.
Conclusion and Recommendation
Considering the above discussion, it may be concluded that sunglasses industry is a profitable business in both the UK and India which help to develop international trade. The political scenario of the UK should focus on simplifying the rules and regulations in the different counties and provinces in the UK so that the trade may be carried out efficiently and effectively. The political scenario should help India to reach a larger customer base and increase the revenue in the related field. The economic conditions in both the nations should be improved as the purchasing powers are becoming more due to economic prosperity.
References
Islam, F.R. and Mamun, K.A., 2017. Possibilities and challenges of implementing renewable energy in the light of PESTLE & SWOT analyses for island countries. In Smart Energy Grid Design for Island Countries (pp. 1-19). Springer, Cham.
Jain, P., Loya, A., Ubeja, S., Acharya, S. and Tiwari, V., 2018. A Study on Consumer Behaviour towards Branded Sunglasses amongst the Students of Indore City.
Mintel. 2021. Mintel: Global Market Research & Market Insight. [online] Available at: <https://www.mintel.com/> [Accessed 2 March 2021]
Nandonde, F.A., 2019. A PESTLE analysis of international retailing in the East African Community. Global Business and Organizational Excellence, 38(4), pp.54-61.
Paurova, V. and Gregova, E., 2020, December. Importance and Process of Marketing Environment Analysis as Strategic Analysis Tool of Business. In Fifth International Conference on Economic and Business Management (FEBM 2020) (pp. 720-723). Atlantis Press.
Rabbetts, R. and Sliney, D., 2019. Technical report: solar ultraviolet protection from sunglasses. Optometry and Vision Science, 96(7), pp.523-530.
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