British Lifestyles: Preparing for Change - UK - May 2017
“Whether in favour of or against the UK’s decision to leave the EU, it has undoubtedly triggered a period of great political, social and economic change. However, while Brexit will almost certainly present challenges for UK businesses and consumers alike, there remain opportunities for brands to drive growth, with the leisure sector in particular set to benefit from the growing consumer appetite for experiences over material possessions.”
– Jack Duckett, Senior Consumer and Lifestyles Analyst
The UK economy continued to show signs of strengthening in 2016, underpinned by rising employment rates, low inflation and encouraging real wage growth. However, despite this favourable backdrop for consumer spending, shoppers proved reluctant to relinquish the savvy shopping skills they had honed following the financial downturn of 2008.
Britain’s decision to leave the EU has undoubtedly instigated a period of great economic and political uncertainty for the future. For consumers, much of their concern about how Brexit will impact their lives centres on their fear of rising prices. But beyond this, it is bigger picture issues, such as the health of the UK economy, the future of the NHS and the state of the environment, that attract the most concern.
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