British consumers 'particularly concerned' about post-Brexit price rises
19 Mai, 2017, 18:58 | Author: Marc Bacque
"Despite the current political uncertainty, Mintel revealed that consumer spending rose by 3.7 per cent a year ago to reach £1.2 trillion".
United Kingdom consumers are preparing for an expensive and uncertain post-Brexit future, with four out of five fearing price rises on household essentials such as food, drink and clothing, a survey has revealed. Spiralling holiday costs are a concern for 35%, with 26% fearing higher prices for clothing and shoes. But as many as 81% of United Kingdom consumers are concerned about the future health of the NHS, while 68% are anxious about the United Kingdom economy and 67% are nervous about the state of the environment.
In contrast, less than half of all adults (48%) are anxious about their ability to pay the bills and less than two in five (37%) are concerned about their level of debt.
Almost 50 per cent of British consumers believe that Britain's decision to leave the European Union will have a negative impact on the cost of living in the United Kingdom, with the figure unchanged from when the question was first asked in July 2016, in the immediate aftermath of the referendum.
Some 31 per cent of consumer - down from 39 per cent in July a year ago - now believe the vote will have a negative impact on the UK's economic growth.
"Mintel research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets, " The Independent reported.
"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 United Kingdom faces, such as the NHS and the economy, that are the main concern, rather than people's own finances".
Despite growing inflation and economic uncertainty, Mintel reports that consumer spend previous year grew 3.7 per cent to £1.2 trillion.
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Despite the fact that price rises were seen across all sectors, fast-moving consumer goods took the biggest hit, partially due to the impact of deflating supermarket prices as the price war between the Big Four supermarkets continues.
By 2021, it is projected that Britons will spend £1.4 trillion per annum, with growth of 17% expected over the next five years.
Indeed, the leisure and entertainment market grew by an estimated 3.2% in 2016, outpacing the 2.4% growth estimated for the clothing, footwear and accessories category.
Now in its 27th year, Mintel's British Lifestyles report tracks spending across all major consumer markets.
Unpicking some notable trends, the report highlights the impact of consumers' shift towards healthier eating. What's more over one in five (22%) are limiting their carbohydrate intake, with 20% of users regularly substituting pasta, rice and noodles with vegetables in the style of familiar carbohydrates.
The war on sugar has refreshed sales of bottled water - and the upcoming 2018 soft drinks levy means there will be no let-up.
Nearly a quarter (23%) of non-alcoholic drinks launched in the United Kingdom in 2016 carried a low, no or reduced sugar claim, up from 15% in 2011.
The drive to cut sugar in British diets saw sales of bottled water increase by 9%, to £2.2bn.
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