Shopper pessimism around Brexit grows

Brexit: unzipping Britain from EU

Research among 1,000 shoppers carried out in the first week of March by HIM has confirmed a growth in pessimism around the likely impacts of Brexit.

Over four in 10 consumers (43%) believe their personal finances will be worse off as a result of Brexit. Younger age groups in particular feel apprehensive with over half (52%) of 25-34-year-olds believing they will be worse off.

Almost three-quarters (74%) of UK consumers believe that food prices will increase after Brexit, with one in four expecting food prices to increase a lot. Older shoppers are more likely to be worried about rising costs of food, as are Scottish shoppers –  37% of Scots expect food prices to increase a lot.

Most consumers (64%) are not planning on making any changes in their shopping habits in order to prepare for Brexit, but 13% of consumers are planning on “stocking up” on food.

Mostly, these shoppers are stocking up on tinned and canned foods (74% of those stocking up on food have begun stockpiling this category). This is followed by packaged grocery products e.g. dried pasta, tea (52%) and cleaning products (45%).

One in four consumers are planning on saving money or reducing their household expenses to prepare for Brexit.

Just less than half (43%) of those saving money ahead of Brexit are doing so by cutting down on their food shop. It is older shoppers who are most expecting food prices to rise: among over-65s (who are trying to save money), 55% have cut down on their grocery shop, compared to just 37% of millennials.

Given that older shoppers are the heartland of convenience, the worry is that this is the channel to see the squeeze.

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This website contains images and information relating to tobacco products. Please do not view if you are under 18 years of age.

This publication contains images and information relating to tobacco products. Please do not view if you are under the age of 18 years old.