Research from Equifax has revealed that 23% of Brits say they have reduced their spending habits since the end of June 2016 and a further 60% say it has stayed the same. The online survey, conducted by YouGov, also found that since the EU referendum (end of June till now) 19% of respondents have delayed or cancelled purchases.
Consumers are worried about potential price increases, and their top three concerns are higher costs for groceries/food (44%), petrol (39%) and household bills (38%). Travel and holidays were a particular concern for 18-24 year olds, with 40% anxious about rising costs compared to 26% nationally. This age group is also the most worried about the cost of a night out creeping up, with 31% stating it as a concern (amongst the wider population: 17%). Mortgage and rent price increases are also high on the list for 18-24 years old, with 32% noting it as a concern, compared to 17% nationally.
Paul Birks, Chief Data and Analytics Officer at Equifax, said: “While the full impact of Brexit is far from clear, companies need to be mindful of their customers’ concerns and manage their relationships and communications accordingly. The Brexit vote has prompted much debate about the impact on the UK economy; it’s understandable that many consumers have curbed their spending and are worried about the effect on their day-to-day lives.
“If consumers are feeling the pinch, they will also be more discerning in how they choose to spend their money. Whether they are selling goods, services or household utilities, companies need to be smarter than ever in developing the right proposition to win and retain market share. There is opportunity for more competition between companies because of Brexit and this is healthy for both the consumer and the marketplace.”