Around half of British consumers in a survey termed Brexit as their top concern this year amid fears it would hit annual retail sales, says a report by Natwest and Retail Economics, which surveyed 2,000 people. Forty eight per cent of respondents said Brexit was their biggest concern, while 13 per cent cited a weaker economy and 12 per cent lack of savings.
Meanwhile, physical retail is expected to reach around 20 per cent overcapacity in the next decade.Around half of British consumers in a survey termed Brexit as their top concern this year amid fears it would hit annual retail sales, says a report by Natwest and Retail Economics, which surveyed 2,000 people. Forty eight per cent of respondents said Brexit was their biggest concern, while 13 per cent cited a weaker economy and 12 per cent lack of savings.#
Sixty two per cent of the respondents were confident about finances despite Brexit uncertainty, British media reported citing the survey.
Thirty-five per cent of consumers reported they would spend less on experiences such as eating out, going to the cinema and bowling in 2019.
Forty one per cent of consumers expected their personal finances to weaken this year.
The report also illustrates how tech-driven changes in consumer shopping behaviour has changed the retail industry, with over-capacity of physical stores in the UK market a key issue.
Online spending is forecast to reach 50 per cent in the next 10 years, leading to overcapacity of retail space of around 20 per cent. (DS)
ALCHEMPro News Desk – India
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