Are you still buying extra loo rolls, Weetabix and Elastoplast in case Brexit causes a tailback at the Port of Dover? Hmmm, well some folk are, according to a new survey. Around one in 10 households plan to increase their spending on stockpiling for Brexit following last week’s decisive General Election result, new research from the UK’s leading premium finance company, Premium Credit, shows.
The nationwide study found 10% of households – the equivalent of 2.7 million – say the value and amount of goods they have stockpiled in preparation for Brexit will increase following the General Election.
Around two out of five (37%) of those questioned believe the decisive win for the Conservatives will be good for their personal finances while more than half (51%) believe the election of a new Government will boost the economy with 18% saying it will significantly improve. Around 32% say they are pessimistic about their personal finances while 38% believe the economy will suffer.
However, the research shows uncertainty about the future means consumers are still stockpiling in preparation for the UK formally leaving the European Union next month ahead of negotiating trade deals.
Around 10% say they have increased the value of the goods they stockpiled in the past three months while 56% who have stockpiled in the past have kept some or all of the goods, they have bought in preparation for Brexit.
Adam Morghem, Premium Credit’s Strategy & Brand Director said: “The General Election result has settled the question of whether the UK leaves the European Union, though the exact timing is still to be decided, but it has not stopped everyone from stockpiling in preparation for Brexit.
“With people continuing to look for efficient ways to spread costs we can expect more to turn to credit for help in managing their household budgets.”
Premium Credit research in July found one in five adults stockpiled goods ahead of the first Brexit deadline of March 31st with 8% of them spending more than £1,000 while one in 10 adults stockpiled ahead of the October 31st deadline. The spending on stockpiling has affected household budgets with many relying on credit to manage monthly cashflow.
The research found people are more likely to have spent money on stockpiling food and household goods. Around 43% of those who have stockpiled have invested in food or household goods while 26% have bought medicine for themselves and 21% have bought medicine for family.
Around 56% who have stockpiled in the past three months specifically for Brexit have spent up to £200 while 4% have spent more than £500.
Premium Credit is the market leader in the UK and Ireland and the only premium finance provider accredited by BIBA. For more information, please visit: www.premiumcredit.com
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