UK consumers expect Brexit to trigger surge in high street prices

Nearly two thirds of UK consumers expect Brexit to trigger a surge in high street prices next year, according to new research from Parliament Street.

The new survey found that nearly a quarter of consumers expect a ‘substantial increase’ in high street retail prices due to Brexit, whilst 40% expect a ‘slight increase’.

Additionally, Over half said they expect more high street store closures next year, with 33% saying there will be ‘no impact’. Only 11% of those surveyed expected more stores to open.

When asked what technology retailers can deploy to win back customer trust, 24% called for more smartphone apps which display product information. This was followed by fingerprint scanning technology to purchase items and voice assistants – such as Amazon Alexa and Google Home – to provide product suggestions based on conversations.

In Parliament Street’s report, it recommends retailers increase the use of technology to drive efficiencies and build stronger relationships with customers. Another key suggestion is to increase personalisation of customer experiences to drive brand loyalty.

Michael Ni, CMO of RichRelevance warns that retailers “must avoid complacency” and be proactive in driving brand loyalty to ensure sales remain strong.

“Already this year we have seen several high street chains collapse into administration, many of which have fallen behind in the race to deliver personalised digital experiences to customers online,” explained Ni.

“Whilst it’s clear that the majority expect store closures to continue next year, these changes do not have to mean the end for major high street outlets. Investing in mobile apps, voice assistants and fingerprint scanning can help shake-up customer experiences both in-store and online, giving struggling brands a much needed boost despite the potential turbulence of Brexit.”