Shoppers are planning to buy more British brands and shop for local produce as the end of the UK’s EU exit transition period approaches.
According to Lumina Intelligence’s Channel Pulse report, 19% of consumers plan to buy more British brands while 12% are going to start to buy more local produce in the run-up to the transition end date of 31 December.
The Channel Pulse report found that 34% of consumers are worried that prices will go up when the transition period ends and with the deadline fast approaching, 6% of consumers have begun to stockpile in case of shortages.
Insights & communications director at Lumina Intelligence Sarah Coleman said: “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.”
The research also found that Brexit had taken a backseat to the Covid-19 situation for consumers. It reported that 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 our 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.
The Association of Convenience Stores (ACS) recently held a webinar on the issue, urging retailers to prepare by speaking to their symbol groups and wholesalers now to ensure a smooth as possible EU exit. During this, ACS government relations director Edward Woodall warned of early stockpiling by consumers.