The UK consumer has decided to “keep calm and carry on” in the wake of Brexit, with the economic uncertainty not yet having an effect on British spending habits.
The report, compiled by HSBC, suggests that consumers remain “unfazed by current uncertainty” about the economy, with the fear of losing their job representing a limited concern for the majority of those surveyed.
The report analysed spending habits in travel, leisure, food and retail, based on a survey of 2,000 people. The key worry identified was rising inflation, but with many failing to make the link between that and Brexit. Analysts at HSBC commented:
“We find this intriguing because the two are interlinked in our view, with rising living costs being at least partly a function of the Brexit vote.”
Other interesting findings include the fact that coffee drinking is on the rise and Costa is 3 times more visited than Starbucks in the UK.
Spirit drinkers prefer vodka and whisky, the nation’s favourite sportswear brand is Nike and most preferred luggage brand is Samsonite. And despite the weak pound, there is no sign of a decrease in holidays abroad in favour of a staycation in the UK.
HSBC ended the report with stock recommendations based on the findings, which includes FTSE 100 household names such as Whitbread, Diageo and Tesco.
