With Philip Hammond’s pre-Brexit Budget claims that the “era of austerity is finally coming to an end”, voice of Maru/edr reveals that only 23% of Brits agree, releasing an immediate snapshot of UK consumers’ reactions and concerns to the news of the Autumn Budget 2018
Despite this, consumer confidence regarding the general economy is reassuringly on the rise, 35% agree or strongly agree that the general economic situation in the UK has improved in 2018.
However, consumers are less confident about their own personal finances, as just 1 in 4 (26%) feel that their personal economic situation has improved in 2018. A whopping two thirds (66%) of consumers are cautious about spending after the budget announcement.
With Brexit on the Horizon, consumers fully expect the cost of goods to increase across the board – especially food and drink (73%), holidays and travel (72%) and clothes and fashion (68%).
Over half (56%) of Brits plan to cut back on normal spending habits after hearing the latest budget statement. Unsurprisingly, non-essential items such as clothes and fashion (31%), holidays and travel (28%) and eating out and leisure (28%) are going to take the biggest hit when it comes to consumer spending over the next six months resulting in an increased focus on customer service for brands operating in these areas.
Commenting on the findings, Gary Topiol, CEO of Maru/edr said: “We’re in a really uncertain period at the moment for brands and businesses operating in the UK. Consumers look set to remain cautious about spending, and an outstanding customer experience is one-way businesses can encourage people to part with their hard-earned cash. By putting customers are the heart of everything they do, brands can focus on making their customer experience centre stage to set themselves apart in busy and competitive marketplaces.”
Further insight on why customer experience matters now more than ever to UK businesses can be found here https://www.maruedr.com/why-customer-experience-matters-now-more-than-ever/