Ahhh the B word. Brexit.
It’s probably no surprise for anyone to learn that national fears over the state of the British economy have been quietly bubbling under the surface since 2016. But with the Brexit clock ticking and the prospect of a ‘no deal’ Brexit becoming more likely by the day, our levels of uncertainty about the future are escalating.
Even those that were initially happy with their ‘leave’ vote are now less sure about what their future looks like; consumer confidence has dropped five points in the last few months and the Bank of England has warned that a ‘no deal’ Brexit would be worse for the country than the 2008 financial crisis.
All of this is having an impact on our decisions and how Brits are planning for the future, with lots of us becoming decidedly more short-term in our outlook. The impact of this level of uncertainty is starting to be seen across several categories but there are measures that brands can put in place to help people deal with the uncertainty they feel.
This is where our The Future of Money research began; we wanted to understand the impact Brexit is having on spending, the short vs. long term change and what this means for brands.
Alternatively, you can listen to our OMD UK podcast below: