Propel Morning Briefing

Post-Brexit price rises for food, drink and holidays among biggest consumer fears, 40% margin between ‘leavers’ and ‘remainers’

Post-Brexit price rises for food, drink and holidays are among the biggest consumer fears for when the UK leaves the European Union, although there is a near 40% margin between the views of “leavers” and “remainers”, according to the latest Deloitte Consumer Review.

Consumers are most concerned about a rise in the cost of holidays, with almost two-thirds (63%) of respondents believing leaving the EU will lead to increased prices.

This was followed by food and non-alcoholic drink (55%), alcohol and tobacco (49%), clothing and footwear (47%), and transport (45%). On average, almost two-thirds (65%) of “remain” voters believe prices will rise across all categories, compared with fewer then one-third (26%) of “leave” voters.

Brexit itself only ranks sixth on the list of concerns for UK consumers, demonstrating they remain largely undeterred following the UK’s decision to leave the EU, Deloitte stated.

David Noon, UK and global Brexit lead at Deloitte, said: “Consumers drive the UK economy and have so far shown resilience to the uncertainty surrounding Brexit. This survey paints a mixed picture in terms of how consumers feel Brexit has impacted on their finances. Brexit is a business risk like any other – one that can be planned for and managed. While risk mitigation is likely to dominate the business agenda in the near term, consumer businesses should also consider what opportunities Brexit might present, whether that be in optimising supply chains or expanding e-commerce platforms, for example.”

 

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