Social factors assess the mentality of the individuals or consumers in a given market. These are also known as demographic factors. Social indicators like exchange rates, GDP and inflation are critical to management. They can tell when it is a good time to borrow. These factors help find out how an economy might react to certain changes.
The following are some social factors to focus on:
Population demographics: (e.g. aging population)
Distribution of Wealth
Changes in lifestyles and trends
Educational levels