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Majority of consumers say Brexit will not affect spend

Tom Bottomley
19 February 2019

A 60% majority of UK consumers have said that Brexit has not and will not affect their spending in 2019, according to new research by professional services firm,PwC, which surveyed over 2,000 consumers in its “Retail Outlook 2019” report.

The north-east of the country came out as the most defiant, with 70% of consumers saying they were least likely to change their spending habits. Londoners, however, were the most concerned, with 41% saying they had already changed their spending, and a further 14% saying they will do in 2019. Yorkshire and the east Midlands both came out with a 66% majority saying would not be changing their spending.

For those consumers who say they will change their spending as a result of Brexit, half say they’ll buy less, and a third say they’ll postpone big ticket purchases.

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

“What is consistent across the board is that consumers are looking to get more for their money, with almost a third saying they will shop around more and buy more items on promotion. Pressure on consumer spending will impact the little luxuries - such as eating out - with just over a third of people saying they plan to cook at home more.”

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

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