Consumers concerned about post-Brexit price hikes, survey shows
(ShareCast News) - A large majority of UK consumers are worried about the rising cost of household items in the aftermath of upcoming Brexit negotiations, a new survey has found.
With Britain's economic future still unclear until an agreement is reached with the European Union, consumers have expressed concern about potential prices for essentials such as food, drink and clothing.
The annual survey, which was carried out by research firm Mintel, showed that 83% of Britons admit to being concerned about the price of goods and services post-Brexit. Rising holiday prices was also a concern for 35% of those surveyed.
Less than half of the adults surveyed were worried about their ability to pay the household bills, or dealing with personal debt.
"Our research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets," said Jack Duckett, the senior consumer lifestyles analyst at Mintel.
The report did show that consumer spending has been rising, with Britons spending 3.7% more last year at £1.2trn.
"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."