PESTEL analysis of Fashion Industry in Czech Republic

fashion business in Czech Republic, Kamila Boudova for CCI

Understanding the environment in which you live is crucial to survive. The better you understand your business environment the higher the chance that you succeed. The given circumstances can (and should) directly influence your business model, your unique selling proposition, your marketing plan... Gaining the knowledge about your market makes you more vise. Sometime the whole business idea can come up from the circumstances.
Listening to my dear friend, Muriel Piaser, I remember an important statement she made: "A brand must firstly succeed in its home market. Only then it is ready to go abroad, to go global." Starting with these two basic notions, lets have a look at a PESTEL analysis of Czech Fashion Industry.
PESTEL analysis is a tool that helps you to sum up all the information you should get about a market prior to launching your company there. If you want to know more about PESTEL, check this link.
I have put together a basic one, please feel free to add up more information, that you find relevant or even crucial and comment below so I can improve my data.
Many thanks for your collaboration!
Yours
Kamila

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POLITICAL INFLUENCES

Slightly unstable political situation and corruption affairs decrease the trust on international level
Manipulation with exchange rate

ECONOMIC INFLUENCES

Focus on technology, energy, automotive, retail and construction industry
Slow economic growth after crisis
Higher volatility in commodity prices and exchange rates
Local minimum wage is slightly higher than the rest of the region and far above Romania, Bulgaria and Baltic countries (source) 

SOCIO-CULTURAL INFLUENCE

Highly educated nation (among the top of OECD countries, source)
Increasing interest in fashion culture
Fashion savvy consumers and fashion projects concentrated in Prague
Majority of consumers are still very price sensitive and with no fashion culture
Following trends, shopping in retails chain such as C&A, H&M

TECHNOLOGICAL INFLUENCE

Full expansion of online shopping
Local availability of tech materials
Rich heritage of techniques and fashion technologies
Low entry barriers in the clothing business intensify competition

ENVIRONMENTAL INFLUENCE

Eco consumption on the rise
Collection of old clothing in containers
Need of more measure to preserve resources and environment
Difficulties to sell winter collection due to global warming

LEGAL INFLUENCES

Prices of imported clothing depend on standards set in countries of production