Brits are bracing themselves for a more expensive post-Brexit future
ARCHANT NORFOLK PHOTOGRAPHIC © 2005
Four in five British consumers fear prises rises for goods and services once Britain has left the European Union, a survey has found.
Some 83% of Britons are concerned about goods and services becoming more expensive, while 59% are worried about the mounting cost of groceries, according to the poll for Mintel’s British Lifestyles report.
More than a third (35%) are worried about the increasing cost of holidays and 26% fear that clothes prices will rise.
Just under half of consumers (46%) say Britain’s vote to leave the EU will have a negative impact on the cost of living in the UK, with this figure unchanged from when the question was first asked immediately after the referendum result.
But attitudes towards Brexit’s impact on the economy appear to have softened, with 31% now believing it will have a negative impact on the UK’s economic growth, down from 39% in July 2016.
And beyond rising prices, Britons are most concerned about “bigger picture” issues such as the UK economy, the future of the NHS and the state of the environment rather than their personal situation.
Jack Duckett, senior consumer lifestyles analyst at Mintel, said: “Mintel research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets.
“However, broader consumer confidence is still relatively strong. Despite rising prices, most people still expect their finances to hold up well over the next year.
“It’s the bigger picture issues that the UK faces, such as the NHS and the economy, that are the main concern, rather than people’s own finances.”
Mintel surveyed 2,000 internet users aged 16 and over in February.