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Political Clarity Consumer Confidence and Brexit Impact
Political clarity consumer confidence is beginning to recover following the Brexit outcome. With uncertainty reduced, consumers are more willing to spend and businesses are ready to invest in premises, equipment, staff, and development, says Andrew Scott the founder and CEO of leading full-service marketing agency Purplex.
“The industry has had a very challenging three years since the referendum in 2016. Some industry leaders say there has been an 8-10% year on year decline on overall volumes and others saying it’s as high as 15%.” says Andrew.
And it’s easy to understand why.
Brexit
Brexit has provided huge uncertainty, but political instability and a lack of direction have also significantly contributed to the hesitation. We can see this has caused two big issues in the industry.
One is consumers have been more reluctant to spend their money, particularly on higher ticket value items. The other is that companies have not risked major investment. All because neither have known what the future looks like.
Would we get Brexit done, end up reversing it and remaining in the EU or would we have another referendum to discuss the whole thing again?
The recent political outcome, however, is set to change all that and provide some clarity to proceedings.
The big concern has been, will Brexit happen or won’t it? Now one of those options is off the table, we have a clear mandate that it is happening so we will have to get on with it.
What Happens Now?
Many consumers will breathe a huge sigh of relief. Whether it was the outcome they wanted or not, it provides some certainty. We can now see consumers loosening the purse strings.
It’s likely to be a trickle at first, but this will lead to greater confidence as we move forward through the year. The floodgates will open, and we should see an increase in sales and new business.
Equally, companies will now have a clear purpose so start pushing their business forward. “I’m expecting companies who have been hesitating to start investing in new premises, machinery, staff and training and development,” says Andrew Scott.
Of course, there will still be a degree of caution around Brexit as there is still some work to be done, but once we get past this then we can expect to see both consumers and businesses spending money again.
The uncertainty around Brexit has stopped people spending – but it’s about to unplug in a major way.
Contact Us
If you’d like to discuss how we can help your business grow, call 01934 808293, email grow@purplexmarketing.com, or visit our contact page.
You can also read the full feature in Glass and Glazing Products Magazine here.
This entry was posted in Purplex News
