Political factors
The political factors that can have an impact on Spain are, for example, political stability, its political system of monarchy, the political party in power, the rise of extremist parties that can be observed in Spain, as in many European countries. We can also cite the policies and decisions of restrictions related to the COVID19 epidemic. For example, Spain announced on Monday, June 7, that it would reopen its borders for tourists who have already received two doses of the COVID19 vaccine. Decisions relating to the autonomy of the Spanish regions on certain subjects are another element to be considered, as are the political tensions linked to history, ETA, etc., especially in the region of the Spanish Basque Country.
Economic factors
A country very strongly oriented towards tourism, Spain has been strongly affected by the COVID19 pandemic and recorded a recession for the year 2020. As such, we can cite growth or recession, inflation, rates directors, the interest rates of Spanish banks, the unemployment rate, the employment rate of working populations, the household savings rate, as many factors likely to influence the large-scale country.
Social factors
Like all European countries, Spain is facing significant social and socio-demographic changes. In this category, we can cite, for example, the ageing of populations, the increase in work in the population of women, the lowering of the marriage age, the lengthening of the duration of studies, the search for a better balance between private and professional life. The massive development of teleworking observed during the COVID19 pandemic in 2020 and 2021 could continue in the months to come and upset the balances established until then.
Technological factors
The technological factors likely to influence Spain in a significant and lasting way are, in particular, the appearance and the development of 5G, the increasing robotisation of processes, the development of automatic checkouts and mini-market vending machines, the rise of intelligence artificial intelligence, the development of connected speakers, products incorporating Bluetooth, connected watches, etc. All of these products or services are likely to create technological breakthroughs, major changes in lifestyles, create new needs, new products, and disrupt existing balances as well. In terms of public or private healthcare and health system, the development of connected objects is, for example, a central element that will allow insurers and public insurance companies to obtain much more information on their policyholders than before, and perhaps to see the development of individual pricing.
Ecological factors
Like all European countries, Spain is committed to the Paris Agreement aimed at reducing its greenhouse gas emissions and all of its polluting activities. The development of more recyclable products, the rise of all reusable or transformable products, are likely to influence the country as a whole.
Legal factors
The legal factors likely to influence Spain as a whole are all legal measures, new regulations, international standards, etc. These can be passed nationwide or beyond, such as IFRS accounting standards which are international. Laws relating to the reception of foreign immigrants, for example, are laws that are of paramount importance and are likely to have a major impact on the country, its economy, its demography, etc.
The PESTEL analysis of Spain made it possible to identify all the main criteria that can impact the country on a global and national scale. These can be Political, Economic, Social, Technological, Ecological and Legal. It is very important to follow all of these criteria in order to better understand the changes that Spain will experience in the years or decades to come and to make sure that the risks associated with uncontrolled changes in the economy are contained in one or more of these factors.
Sources :
- Étude de marché en Espagne : les 10 meilleures sources de données - Into the minds
- Contexte politico-économique de l'Espagne - AttijariTrade
- Situation macroéconomique de l'Espagne - Economie gouv
- Pourquoi s'implanter en Espagne ? Dynamique mag
- Espagne : La nouvelle loi sur les étrangers est adoptée - Yabiladi
