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Brexit Impact: Rough Times for Retail

2 MINUTE READ | June 24, 2016

Brexit Impact: Rough Times for Retail

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Jonathan Hunt, SEO Supervisor

Jonathan Hunt has been with PMG since 2013 and is a senior leader on the SEO team, guiding automation and technology strategy for organic search. His 17 years of experience in SEO has included leading programs for ecommerce, technology, entertainment, and b2b brands. Jonathan was recently named a finalist for AAF Austin’s 2023 Big Wigs Awards for Best Data Analyst.

Yesterday’s referendum in the UK, where voters narrowly chose to exit the European Union, is sending shockwaves throughout the political and financial world. We’ve already seen impacts rip through worldwide financial markets, with the GBP falling against the USD to it’s lowest level in 31 years.

We’re not going to get into the arguments and theories between the “Leaves” and the “Remains,” but we will ask this question: What does the “Brexit” result mean for INTL retail, both in the short and long term?

Naturally, as with anything this shocking to the world of International finance, we can expect some pain points in the short term. The GBP is falling fast, and consumer confidence will almost certainly be shaken in these first days and weeks following the vote.

Expect your UK customers to be especially skittish on spending while the logistics and realities of the UK/EU decision begin to set in.

Switching to a long term outlook, industry experts and analysts don’t see the “Brexit” decision as impacting long terms success for retail markets.

Retail Gazette has a nice writeup with thoughts from PwC’s retail and consumer lead, as well as other thoughts leaders in the retail space.

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Eventually, the turbulent seas will level out and business will be able to proceed as normal, but for the immediate, expect some rough sailing.

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