Following Britain’s vote to exit from the European Union (EU), almost 61% of people in the UK are worried about the country’s economy and their own finances, reveals a survey conducted by a UK-based research firm Retail Economics.
The Retail Economics Consumer Attitudes Survey found almost two-thirds of the 2,000 consumers surveyed are believed to be concerned about the future of the UK economy and their personal finances. Most consumers are keen to save a higher proportion of their wages following Brexit, while 61% of people are concerned that food prices will rise.
More than a third (37%) are likely to cut back on big-ticket purchases such as furniture and electrical goods that were planning to buy prior to the referendum.
According to 58% of shoppers, the referendum has prompted them to halt their spending on non-essential items, with a quarter of those likely to cut back spend on electrical goods such as television, mobile phones and tablets. In addition, almost 16% are likely to scale back on do-it-yourself and gardening products, while 14% plan to spend less on clothing and footwear.
Food and health and beauty sectors, on the other hand, are like to suffer the least. Only about 10% of those who expressed that their non-essential spending would take a hit following Brexit plan to spend less on groceries, while 9% will cut back on health and beauty products.
“The results from our Consumer Attitudes Survey show concerns over the future of the economy, personal finances and rising costs of living are likely to choke off consumer confidence and spending,” says Richard Lim, chief executive, Retail Economics. “With the consumer sector the driving force behind the economic recovery so far, it is difficult to see what can compensate should a more widespread slowdown materialise.”
How much technology is too much technology? Tech has inevitably become asApril 15, 2021 | By Shruthi Nair
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Who isn’t a sucker for discounts? Customers today are spoiled for choice
On 12th October, 2020, Oman announced that it would implement Value Added
According to a new report by GlobalData, the penetration of online sales
The UAE currently leads the Middle East and North Africa (MENA) region
Industry reports reveal global home automation system market expected to grow from
Facebook’s insights and research division, in partnership with YouGov has unveiled findings
One of the many advantages of living in the GCC is the
Online sale in the Middle East and North Africa (MENA) region is
Majid Al Futtaim’s financial results revealed that in 2020, the Carrefour business
UAE-based Majid Al Futtaim today announced its audited operational and financial results
Words by Tad Tilahun, Visa’s Senior Vice-President, head of Products & Solutions
Words by Fadi Moukaddem, SVP & Chief Financial Officer, Visa CEMEA With