Even though church attendance has been on a decline, most of the population identifies with Christianity. 71.6% of the population follows various forms of Christianity, 2.7% follow Islam, 1.6% follow other religions and 23.1% do not associate themselves with any religion (Cia.gov, 2014). The history of religion and the present religiosity shows that there is a market for religious jewelry in United Kingdom. .
Political, Social, Economic, Technological, Legal and Environmental Analysis of United Kingdom.
Political.
Politically United Kingdom is stable and has good relations with mostly every country around the world. But their decision to move out of the European Union could in future lead to new policies which might lead to a change in their policies. This change in policy could impact the jewelry industry and the duties related to import and export of goods.
Social.
The standards of living in the United Kingdom are high when compared to the rest of the world. Even though various forms of Christianity are dominant religion, other religions such as Hinduism and Islam also have a strong presence. Also, United Kingdom is a tourist destination for millions of people and hence it sees a lot of influx of foreign nationals. 69.9% of the population is over the age of 25 years which is a positive for jewelry manufacturers as people in that age group mainly buy jewelry (Cia.gov, 2014).
Economic.
The GDP per capita in 2013 was $37,300 and total imports were $646 billion (Cia.gov, 2014). The economy of the United Kingdom suffered after the economic downturn with high unemployment rates and low growth rate. In a report by PWC, it is forecasted that that the economy will grow by 1.3% in 2013 and 2.4% in 2014 compared to 0.1% in 2012 (Kupelian & Hawksworth et al., 2014). .
From this, it can be inferred that the consumer confidence and spending will increase which would positively impact the jewelry industry. Also, the United Kingdom ranks 10th in the world for the ease of doing business (Doingbusiness.