Will Brexit Increase the Prices on our Supermarket Shelves?

Will Brexit Increase the Prices on our Supermarket Shelves?

As the UK prepares to leave the EU later today, 30 million Brits believe Brexit will increase the price of food and produce on the supermarket shelves.

With the UK officially set to leave the EU in a matter of hours, many sectors and industries have been under scrutiny about how Brexit will impact them and their jobs. As many of you will read, some things are already going up in price, namely UK property, which is good news for homeowners. But will we see the same impact on the cost of goods on supermarket shelves?

Research from Make UK last week showed that the UK’s food and drink production industry has continued to shrug off the Brexit woes afflicting other manufacturing sectors, with employment at its highest in fifteen years.

However, while the sector itself seems to be coping well with Brexit, the same may not be said for the UK’s consumers, a vast proportion of which are fearful of the potentially considerable increase in prices for everyday foods.

With Brexit finally taking place later today, Ubamarket has this past week conducted nationally representative research across a sample of over 2,000 UK adults, revealing how Brits feel Brexit is going to affect food prices on their weekly shop:

  • 59% of Brits (30 million) believe that Brexit will increase the price of food and produce on supermarket shelves
  • 57% of Brits (29.5 million) believe that Brexit will make European goods in supermarkets considerably more expensive

Despite positive stories from the industry, there is still a concern amongst many UK shoppers regarding the prices and availability of products, with many consumers worrying that the prices of their weekly shop will skyrocket and become unaffordable.

Will Brexit Increase the Prices on our Supermarket Shelves?

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Will Broome, CEO and Founder of Ubamarket
, comments on the findings of the research and discusses the potential effect of Brexit on both retailers and consumers:

“It is clear to see that, despite the fact that the result of the 2016 referendum is finally being upheld, an even greater proportion of the population that voted to leave, are now expressing grave concern at the potential effects of Brexit on their daily shopping.

For consumers, the threat of a no-deal may be worrying, and some may be tempted to begin stockpiling. However, this tactic may not be effective, given that goods that can typically be stockpiled are those that are unlikely to be affected by Brexit. It is the fresh produce, such as meat and cheese, which is most likely to be in short supply in the short term following Brexit.

For retailers, there are obvious concerns from all sides, and as an industry, we need to ensure that customers are fully informed and aware of any potential delays and shortages. It is clear that there are supply chain concerns from the industry and retailers are working to try and alleviate any potential issues. However, they need greater assurances from politicians in both the UK and in Europe. I would urge all parties to come together to try and sort out a workable solution for everyone to ensure that food shortages are kept to a minimum across the winter period and as UK supply builds up as we approach summer 2020.”
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About Ubamarket
Ubamarket is a revolutionary shopping app, helping traditional retailers to revitalise their in-store offerings, reach sustainability goals, and hyper-personalise the shopping experience for every consumer. As a customer, you can scan items as you shop, receive information regarding the environmental footprint of your shop, receive real-time personalised offers, gain automatic loyalty points, and check-out and pay in-app without even having to queue or use the tills. Ubamarket is currently available on iOS and Android.

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