The Brexit consumer
The Deloitte Consumer Review
The most recent Deloitte Consumer Review focuses on the UK consumer and their perception on the negotiations around and further impact of the Brexit vote. As it centralises the consumers’ voice in Great Britain it provides us with a unique insight into the consequences, challenges and opportunities from a British point of view.
Conveying the consumer voice around Brexit
Brexit continues to dominate the headlines, but how much of a concern is it for British consumers? Against a backdrop of a depreciation in the British Pound, a rise in inflation and low wage growth, are UK consumers beginning to feel the pinch and do they attribute this to Brexit?
Deloitte UK has undertaken research to provide some clarity on how British consumers view the impact of the referendum, what they feel their prospects are post-Brexit and the key challenges and opportunities facing consumer businesses in the United Kingdom.
Key findings from the report
- Brexit ranks sixth on the list of potential areas of concern for the UK consumer, suggesting that consumers have shaken off any negative effect associated with the referendum result.
- The nation has differing views when it comes to how confident they feel following the vote to leave the EU. Remain voters have seen negative change across all measures of consumer confidence; whereas Leave voters have seen positive change across four measures.
- British consumers are presenting a mixed picture about the change in their financial situation over the last 12 months, with 43% of respondents claiming it had stayed about the same, 36% stating it had got worse and 18% stating that it had got better.
- British consumers’ views on their personal finances are polarised between Leave and Remain voters, with 65% of Remain voters believing their personal finances will be negatively impacted by Brexit and 63% of Leave voters anticipating either no or positive change.
- A significant minority of British consumers expect to actively change their spending habits as a result of the Brexit vote. At least 30% expect to reduce their spending across all categories.
- There is a greater consensus over the impact of Brexit on the price of goods and services, with a third of respondents expecting price rises across all categories.
Start exploring your response
These results show the necessity for companies to prepare sufficiently, explore opportunities and map thoroughly the potential threats that may impact the global workforce. There is a multitude of future scenarios, and results of the negotiations will differ per country and stakeholder. However, in order to prevent negative impact on business, it is crucial to start exploring your opportune response to the ‘New European Order’ now.
This Brexit Infograpic will help you prepare your business with a phased approach in general, as well as in the areas of mobility, and reward in specific.
More information on Brexit?
Do you want to know more on Brexit and the impact on your business and Global Workforce in the Netherlands? Please contact Ralf Adam at +31 (0)6 2221 8123.