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Leave supporters' consumer confidence falls since Brexit vote

Economic News

Leave supporters' consumer confidence falls since Brexit vote

Thu, 13 April 2017
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Leave supporters' consumer confidence falls since Brexit vote

(ShareCast News) - Consumer confidence among Leave supporters has fallen for the first time since the Brexit vote last June.
According to a report by Nielsen overall consumer confidence is stable as the index was unchanged at 102 - a score above 100 indicates optimism and below pessimism - but that morale from Leave supporters fell three points to 106.

Since triggering Article 50 - the two-year clock on exit negotiations with the EU - at the end of March Remain voters' morale has risen one point to 97.

The report also revealed that "strong support" for Brexit has fallen among Leave supporters to 63% since Article 50 was triggered from 74% in December, while about 10% of Remain voters now support leaving the EU.

Steve Smith, managing director of Nielsen UK and Ireland, said: "Overall, consumer confidence remains stable but we are seeing a wobble among Leave voters. Although immigration concerns have dropped, Leavers are starting to worry more about everyday matters, particularly rising utility bills and food prices."

The 500 consumers surveyed by Nielsen also expect imported goods, petrol, food and transport will become more expensive in the future.

On Tuesday, the Office for National Statistics said that March inflation was 2.3% higher than last year and remained above the Bank Of England's 2% target rate for a second consecutive month, as a a rise in food prices were offset by lower air fares due to a later Easter.

Smith added: "Inflation is creeping in and it could be as high as 3% by July. Consumers believe this will translate to price rises across the board. However, overall consumer confidence remains stable and we know that brands and retailers are working closely together on solutions to minimise any price impact on shoppers."

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