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Consumers concerned about post-Brexit price hikes, survey shows

19 Mai 2017

More than four in five (83%) Brits are now concerned about seeing price rises on goods and services, with 59% anxious about the mounting cost of groceries, 35% anxious about the climbing cost of holidays and 26% fearing that clothes prices will go up.

More than a third (35%) are anxious about the increasing cost of holidays and 26% fear that clothes prices will rise. 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.

Less than half of the adults surveyed were anxious about their ability to pay the household bills, or dealing with personal debt.

The 46% who fear that Brexit will have a negative impact on the cost of living was unchanged from when the same question was asked in July a year ago in the immediate aftermath of the vote to quit the EU.

Around 31 per cent of consumers, down from 39 per cent in July previous year now believe the vote will adversely impact the UK's economic growth.

According to Jack Duckett, a senior consumer lifestyle analyst at Mintel, the research underlined consumer concerns over post-Brexit price increases.

"Following the UK's vote to leave the European Union, there has been a great deal of discussion about how it will impact the price of goods and services", says Jack Duckett, Mintel's senior consumer lifestyles analyst.

"However, broader consumer confidence is still relatively strong".

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Across the country as a whole, 59% of Britons say they are happy with their everyday life, but this rises to 76% of people who say that their finances are healthy.

"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 this, the report projects that by 2021, Britons will spend GBP1.4trn per annum, with growth of 17% expected over the next five years. Although spend grew across nearly all 17 sectors, spend was lower on fast moving consumer goods reflecting the grocery price war.

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. 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 drive to cut sugar in British diets resulted in increased sales of bottled water.

Now it is menswear that is bagging growth, with sales rising by 2.8% in 2016.

The Mintel research reveals that when looking for happiness, you're most likely to find it in a wallet. Almost two-thirds (63%) say their family has contributed to their happiness over the a year ago, while 36% say their relationship has brought them joy.

Consumers concerned about post-Brexit price hikes, survey shows