MARKET TRADER, JULY 19 - AUGUST 1, 2019
NEWS 19 Brexit gives boost to buying British
New research from Simon- Kucher indicates that Brexit uncertainty is making consumers more inclined to buy British.
Pricing specialists Simon- Kucher have been tracking the population’s views on Brexit and its impact since the referendum in 2016. While views are as
polarised as ever, its latest research has found that people are buying more British products, and this applies to both leave and remain voters. Since the referendum 30 percent of consumers report buying more British- branded products, a ratio
that has climbed from 24 percent in April 2018. Leave voters are leading the way, with 36 percent saying they are purchasing more British products, but remainers, too, are increasingly buying British (22 percent say this). About half of those buying
more British goods said it was a deliberate decision to support British firms, while only 14 percent said it was down to the higher price of imports.
The research found more good news for British firms, with a third of consumers showing a willingness to pay more for British brands, while a further 39 percent
expressed a preference for British brands if they were of comparable price with their international competitors. Overall, however, 67
percent were not prepared to pay more purely on the basis that a brand was British. Would you be willing to pay more for British Brands? The research found British consumers primarily reporting an increase in purchasing local produce (63 percent) such as fruit and vegetables and cheeses, while 37 percent reported increases in spending on English brands. British agriculture may
capitalise on this to some degree, but there will always be a need to import seasonal and exotic foodstuffs, and it remains to be seen what impact Brexit will have on these goods in the long term.
People are buying more British products since the Brexit referendum (Photo: Judy van der Velden)
The downside is that many consumers are not always very good at telling British from foreign brands. British brands frequently named in the research included Jack Wills, Hackett, Burberry, Yeo Valley and Warburtons. But many consumers also thought that brands such as Prada, Nike and Walmart were British. Rosalind Hunter, a Senior
Director at Simon-Kucher and author of the research said: “Many people confuse UK and foreign brands, and this points to an opportunity for British businesses to up their branding and marketing game to capture more of the ‘buy British’ market.
“Simply slapping a Union Jack on your packaging won’t be enough. Price
(61 percent), quality (55 percent) and convenience (55 percent) are still the three top drivers for purchasing decisions.
“Indeed, with the
continuing economic uncertainty, price is likely to stay as the number one concern for shoppers for the foreseeable future.” Ms Hunter added:
“Customers are always looking for value when purchasing, and being a British brand alone isn’t enough even for those willing to pay more.
“It will take the right combination of sales, marketing and pricing strategies for a UK business to capitalise on this move towards buying British.”
Food offer grows at market
Customers at Kirkgate Market in Leeds will soon be able to choose from two more brand new food stalls to add to the tantalising array of options currently on offer.
There are already a number of different cuisines available in the Market Kitchen, from Yorkshire pudding wraps to Vietnamese banh mi, and the latest additions see the worldwide theme continued – although one of the new stalls will be serving up some proper Yorkshire grub. One of the new additions will be Kanassa, where customers will be able to get their hands on Colombian-inspired street food. It’s a brand new venture from the owners, who are expecting to open in late summer. The second new business will see Leeds chip shop stalwart, The Fisherman’s Wife, move from its existing base to inside the Market Kitchen by the end of summer, as big changes are
planned for the city’s George Street. In addition, Istanbul Bakery will be
expanding their street food stall in the market so they can serve homemade Turkish breads and authentic baklava. Once the new stalls are open it will mean
the Market Kitchen will be fully let for the first time since it opened in 2016.
Leeds City Council’s markets boss, Cllr Asghar Khan, said: “The Leeds street food scene has been expanding rapidly and Leeds Kirkgate Market is leading the way with ensuring we offer a variety of quality street food.” The news comes on the heels of criticism from some market traders, who claim the famous shopping venue could ‘fail completely’ unless new management is brought in.
The council, however, says it remains
‘fully committed’ to listening to traders and putting their best interests at heart.
A well-loved family friendly market offering a variety of quality goods, services and
repairs at great prices.
F RGE MARKET
Glasgow’s hidden treasure for over 23 years – the Forge Market is Scotland’s largest indoor market!
Great business opportunities for new traders Open Thursday – Sunday 10am - 5pm
For further information and what’s on fi nd us on Facebook or visit our webpagewww.forgemarket.co.uk
Located in the East End of Glasgow with Free WiFi, Carparking and ATM.
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