More than half of Brits are more likely to shop around in the wake of Brexit vote price hikes, almost a quarter said the hikes would prompt them to switch allegiance from their usual brand of technology, and just under a half would now consider purchasing second-hand technology, finds survey.
Global technology publisher Purch has unveiled the results of its UK Tech Consumption Survey exploring the impact of Brexit on technology spending patterns following the leave vote. 2,000 consumers were asked, independently via OnePoll, about their spending plans following the vote to leave the EU and the results show a significant consumer shift in technology consumption.
Over half (58 per cent) of UK consumers said they are now more likely to shop around following Brexit price increases on tech, with nearly a quarter of those asked (21 per cent) stating they would consider switching allegiance from their usual brand of technology. Women are more likely than men to shop around following Brexit price increases, with 61 per cent more willing to shop around compared with 56 per cent of men.
Nearly half of those asked (42 per cent) are now considering purchasing second-hand technology and 28 per cent aren’t going to invest in technology at all until the effects of Brexit price rises have stabilised. 46 per cent of UK consumers believe technology prices will continue to rise until at least Christmas.
With inflation surging to 2.7 per cent in April, the slowest rate of growth in wages since 2014 and the Bank of England looking holding interest rates at a record low of 0.25 per cent for yet another month, the results align with a dampened and disrupted short-term economic outlook.
When asked whether the impact of the General Election will have any effect on their technology spending plans, the vast majority of those asked (89 per cent) said that the upcoming election has no impact on their decision to purchase technology prior to the result, and they are not considering purchasing technology in advance to stave off any further price increases that may occur.
“From our survey of 2,000 British consumers, it is clear that the impact of Brexit is starting to take its toll on attitudes to purchasing technology and spending patterns,” said André Baden-Semper, VP Europe at Purch. “An uncertain economic backdrop that will see household budgets squeezed, coupled with the rising price of technology - whether people are aware of the price hikes directly or not - is encouraging consumers to shop around more than ever, with many becoming more fluid in their choices based on brand alone.”