Consumer confidence nosedives in wake of Brexit vote

11 July 2016 - Janet Bird

brexit affects uk consumers

A one off survey conducted in the wake of the Brexit vote has revealed a nosedive in consumer confidence.

The research, conducted by market research institute GfK, showed consumer confidence has experienced its greatest drop in more than 21 years.

More than 60 percent of 2002 people surveyed on line between June 30 and July 5 expected the general economic situation to worsen over the next year, compared to 46 percent in the regular June survey carried out before the referendum.

Only 20 percent of those questioned thought the economic situation would improve, a fall of seven percent from June.

A third of respondents feared prices would significantly increase over the next twelve months, compared to just 13 percent pre-referendum.

Unsurprisingly, the poll also revealed that those who voted for Brexit were more optimistic about the future than the respondents who had voted to remain.

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