19% of consumers plan to buy more British brands and 12% are going to start to buy more local produce in response to the upcoming Brexit deadline on 31 December.
This is according to data from Channel Pulse, Lumina Intelligence’s weekly measure of shopper and consumer behaviour across all UK food and drink channels.
With uncertainty around import tariffs, the research also shows that 34% of consumers are worried that prices will go up and with the deadline fast approaching, 6% of consumers have begun to stockpile in case of shortages.
Unsurprisingly, business leaders share the same concerns as consumers. In a recent Lumina Intelligence survey with business leaders from across the hospitality and grocery retail industries, the number one concern about Brexit was import tariffs and the uncertainty around price increases. Business leaders are concerned this will limit their ability to offer reasonably priced products to consumers.
With maximum attention placed on tackling the challenges posed by the coronavirus pandemic, Lumina Intelligence said it was understandable that consumers are not fully focussed on the upcoming Brexit deadline. Almost a quarter of consumers said they had not given much thought to it and 37% indicated that they were more worried about the coronavirus than the UK’s impending exit from the EU. When asked about their general feeling towards the upcoming Brexit deadline, nearly half were worried or very worried, 36% were not worried and 17% said they were unsure how they felt about the matter.
Sarah Coleman, Insights & Communications Director at Lumina Intelligence commented: “Whilst a shift towards locally sourced produce and British brands is a huge positive for businesses manufacturing and selling British goods, there will be many businesses that rely on produce from outside of the UK that are currently in limbo as to what the future holds for them post-Brexit.
“There is a shared concern for both consumers and businesses that increased import tariffs will result in price increases. At a time when many are feeling the recessionary impact of the coronavirus pandemic, increased costs will be far from welcome. More clarity is needed urgently to ease the uncertainty and allow consumers and businesses alike to plan for life after Brexit.”
