Published on : Jun 06, 2017
Albany, New York, June 6, 2017: The strengthening U.K. economy, supported by rising employment rates, low inflation and encouraging real wage growth has greatly impacted the British lifestyle to a high level. However, the effect of Brexit has undoubtedly changed the political, social and economic scenario and thus the British lifestyle seems to be preparing for a change. Considering this fact, Market Research Hub (MRH) has recently added an analyzed report titled as “British Lifestyles: Preparing for Change - UK - May 2017” to its vast database which details about the change in the present lifestyle of the British people.
Whether in favor of or against the UK’s decision to leave the EU, it has undoubtedly triggered a period of great change in the general lifestyle. However, according to an analysis, while Brexit will almost certainly present challenges for U.K. businesses and consumers alike, there remain opportunities for brands to drive growth, with the leisure sector in particular set to benefit from the growing consumer appetite for experiences over material possessions.
The report starts with the summary of Britain at present that includes various scenarios such as strong GDP figures in 2016 despite Brexit vote, employment levels ‘hit record high’, CPI begins to climb, ageing population continues to grow, net migration to the U.K. falls following Brexit vote, Britain’s most affluent get wealthier and concerns center on the Brexit’s impact on the cost of living. Further, the economy, the people, and consumer expenditure is also overviewed in this intelligent report.
In the next section, the research has evaluated various lifestyle products of the Britain for past, present & future market scenario, the market value (2011-2016), best- and worst-case forecast value sales of the market, at current prices (2011-21), changes in spending habits of the food in 2016, February 2017, and their attitudes towards healthy eating. The various included lifestyle products cover in-home food, foodservice, non-alcoholic drinks, alcoholic drinks, beauty & personal care, OTC & pharmaceuticals, clothing, footwear & accessories, household care, technology & communications, leisure & entertainment, home & garden, transport, holidays, personal finance, housing, newsagents’ goods, and miscellaneous expenditure.
Lastly, the consumers are analyzed and their reasons to spend less is evaluated with the main reason including facts such as 70% people cut back to make savings, younger shoppers shop around for best deal, beauty buyers bag a bargain, and fewer consumers benefit from low prices. Finally, the consumers’ expectation of price rise, concerns of future and sources of happiness are delivered in the report and thus ending the detailed overview of the change in lifestyle of Brits.
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