What is the PEST analysis?
A PEST is an assessment of the political, economic, social and technological factors that sould affect a business now and in the future.
Social factors
The "S" in the PEST analysis relates to the socioeconomic environment of a given industry's market for a business to understand how consumer needs are shaped and what brings them to the market for a purchase.
As you can see here, a PEST analysis examines these social factors:
Consumer trends/tastes/fashions are important to ensuring the success of any new product.
Diversity, inclusion and equality.
Many organizations now aim for equality that means that there is no discrimination which might be based on someone's gender, race, age, etc.
Diversity is also very important, with policies that encourage inclusion employees from as many different backgrounds as possible.
Examples are increases in the number of women, older workers, ethnic minorities, people from particular countries and racial groups.
EdUcation.
Health of the population.
Many companies now invest in the mental and physical well-being of their staff to reduce absenteeism and to improve productivity.
Population demographics.
Does a state or a market contain the types of staff and customers you are looking for in relative abundance?
Social mobility.
States or countries with larger middle classes that are easier to enter have higher rates of economic growth and lower rates of income inequality.