Brexit not top priority for British consumers

CONSUMERS are more concerned about the state of the NHS, the environment and funding for retirement than they are about Brexit, a survey suggests.

The research from Deloitte surveyed UK consumers to understand how leaving the EU will impact consumer confidence and sentiment, and whether consumers feel it is affecting their finances.

It found that while Brexit ranks below some other concerns, issues linked to Brexit, such as inflation and the economy, rank higher.

Of those surveyed, just over half (53%) say they are concerned about the vote to leave the EU. Consumers were found to be more concerned about the state of the NHS (85%), the environment (64%) and funding for retirement (54%).

People were also found to be more concerned about the health of the economy (68%) and rising inflation (56%) – issues that directly affect disposable income and spending power, and will be influenced by Brexit, according to Deloitte’s Consumer Review: The Brexit Consumer.

Some 45% of consumers are expecting prices to rise generally as a result of Brexit, including 65% of Remain voters and 26% of Leave voters.

Higher prices for holidays are of particular concern for consumers, with 63% expecting an increase.

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.”

While just over a third (36%) of people believe their personal finances have worsened since the referendum, 61% feel their situation has either remained the same or improved.

Expectations are also split between those who voted Remain and Leave at the EU referendum.

Two-thirds (65%) of Remain voters believe their future personal finances will be negatively impacted by Brexit, while a similar proportion (63%) of Leave voters expect either a positive impact or no change.

More than 1,600 people from across the UK were surveyed for the report.

Ben Perkins, head of consumer business research at Deloitte, said: “These polarised views highlight a fundamental challenge for businesses as they attempt to navigate a consumer landscape in which one half of the country expect to see a different outcome to the other.”