‘Brexit threat isn’t putting consumers off the High Street’

Consumer confidence is stable in the face of stark warnings from both sides of the EU debate, according to new research from Gekko.

Asking 2,000 UK shoppers whether they were worried about the threat of Brexit when making a purchase decision, the field marketing agency found that over half (51%) do not feel the need to put off making an important purchase until after the referendum result.

This is especially relevant for older generations, with the survey finding that 60% of those 55 and over are confident in the state of the economy leading up to June 23rd.

Thinking about the results of the referendum, a significant 73.5% of UK consumers stated that their decision to make an important purchase would not be affected by the result. In fact, only 6.4% of consumers felt a vote to leave would dissuade them from making a considered purchase such as a consumer electronics or domestic appliance product, which are rarely purchased on impulse.

“What’s clear for brands is that consumers are currently very apathetic towards the possible economic impact of Brexit. Brands warning people against leaving the EU are failing to get the economic message across as 32% of consumers polled remain unsure or unaware of the impact of import tariffs being imposed post Brexit,” said Daniel Todaro, managing director of Gekko Group.

“Looking at the high street, brands and retailers should not be putting off any product launches or promotions, as consumer confidence looks to remain high. However brands should avoid entering into political debate where they can. These results are good news for retailers who might have otherwise expected a dip in sales depending on the result.”

Last month, PCR conducted its own survey to find out how the UK IT and tech channel feels about potentially exiting the EU.

Our poll revealed that a majority of tech firms think Brexit would be a good thing for business.

54% of those that took our survey believe the UK will be better off leaving the EU, with only 38% saying an EU exit, or ‘Brexit’, will be bad for tech firms.

We also asked respondents to tell us why they think ‘Brexit’ will be good or bad for the tech channel. Many cited the benefits that they think will come with being free of the EU.

You can read all of the respondent comments here.