60% of Brits say Brexit will not affect spending

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Brexit finance
// 60% of consumers say Brexit has not and will not affect their spending this year
// Londoners the most concerned, but those in the North East the least concerned
// Consumers say they will spend more on groceries, holidays and home improvement
// Retailers urged to invest in technology, increase efficiencies and explore M&A

Sixty per cent of consumers have said that Brexit has not and will not affect their spending this year, according to a new report.

Consumers in London were reported as the most concerned with 41 per cent saying they have already changed their spending, and a further 14 per cent said they would follow suit in 2019, PwC’s Retail Outlook report indicated.

In contrast, the report – which surveyed 2000 Brits – found that 70 per cent of those in the North East were least concerned and that Brexit would not affect their spending.

“When speaking to consumers in recent years, they’ve consistently told us their main priorities for increased spending are groceries and holidays,” PwC head of consumer markets Lisa Hooker said.

“This year, these categories remain important, but we are seeing subtle changes for the younger generation who are prioritising spending money on their homes, health and beauty.”

The report also found that retailers would have to invest in technology, be more efficient, explore mergers & acquisitions, and collaborations in order to increase their market share.

Meanwhile, groceries, holidays and home improvements were areas that Brits did not hesitate to spend their money on.

However, a third of consumers said they would spend less money on eating out.

PwC report

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2 COMMENTS

  1. what a person says in a poll, and what they do with the contents of their wallet may differ considerably.
    There has been a marked downturn on the high street and many internet only companies are feeling the pinch too.
    The issue is broader however, brexit uncerainty is slowing house sales, thus new furniture sales are down too. New holiday homes are also decreased, so many purchase types are delayed.
    This is all before we have left!
    What happens when we do is a total guess.
    Honda workers who may have responded to the poll may feel differently today.

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