Julia Shepherd | Board Director – Insight
Dominic Rebello | Board Director – Strategy
On the 23rd June 2016 the British people voted to leave the EU, leaving us with a ream of questions. Why was the result so unexpected by many? What divides ‘Leave’ and ‘Remain’ voters? How do consumers feel about the future of Britain in the wake of Brexit and have they experienced any changes? Our report explores some of the answers to these questions as well as offering ideas on how brands might behave in this changing consumer landscape.
- The pace of change in society over the last few decades has been unprecedented, leaving a proportion of society feeling out of touch and ultimately forgotten about. Brexit provided an opportunity for these voices to be heard.
- Our MediaCom survey asked 2000 consumers what they were looking forward to as a result of Brexit. 63% said they were looking forward to more brands being manufactured in Britain as a result of Brexit, whilst 60% said they were looking forward to the launch of new ‘British Brands’. Brands have already started to take advantage of this sentiment and we explore how brands can tap into the emotional messaging within.
- Consumer confidence has seen a slight knock back and some are starting to feel the pinch. Our survey found that 40% are shopping around for lower prices, whilst 1 in 3 are buying less and 1 in 4 are reporting experiencing higher prices in supermarkets. However there does appear to be a split in optimism, with those of a younger and more affluent demographic being more likely to feel worried about how Brexit will impact them, whilst those aged 65+ are more inclined to ‘wait and see’. Brands need to understand how their customers are feeling and remain open to tactical growth opportunities.
- Trust in the government, businesses, NGOs and media has all fallen over the past year, and this is being exacerbated by the rise of fake news. Brands need to be aware of any impact associated with fake news.
- In times of uncertainty different people turn to different sources to provide information they can trust and rely in. Brands need to understand what trust means to their customers and recognised that environmental associations can impact brand trust. It’s not just what you say, but where you say it.
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