Consumer spending remains resilient in the face of Brexit, with 82% of shoppers reporting that the vote to leave the European Union has not changed their spending habits, according to new research.
A survey of 2,000 consumers by Retail Economics found that 50% of respondents expected the economy to weaken over the next three months. However, 70% said their current spending habits were unaffected by uncertainty over future economic prospects.
Furthermore, only 11% of consumers suggested that they had brought forward some discretionary spending today in view of higher prices in the future.
Richard Lim, chief executive of Retail Economics, said shoppers were living for the moment and had put Brexit at the back of their minds, which bode well for retailers ahead of Christmas.
“Retail sales are growing at the fastest rate since April 2002 according to the ONS, providing further evidence that shoppers are undeterred by the Brexit vote,” he said.
“On the whole, people react to their own personal finances in terms of rising prices for the goods they buy, their job security and what happens to their wages. As of yet, not much has happened to affect their buying power or willingness to spend.”
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