Despite it being a mere six weeks since the Brexit Vote, the effects of the UK’s decision to leave the European Union are becoming ever clearer. And the retail sector is one that is seemingly suffering as a result. According to latest figures, July recorded the biggest slide in consumer confidence for more than 26 years.
GfK conducted the research and noted that on average people were gloomier about their own finances and the broader economy. And as a result, they were concerned whether now was a good time to make large purchases, such as furniture and household appliances.
Due to a mix of people being uncertain about jobs, pay and the country’s economic health, the survey paints a somewhat bleak picture about the UK’s position in the world’s economy. However Pallet Truck Shop, one of the country’s finest providers of pallet trucks and other manual handling equipment to both small and large businesses, is reiterating the need for company stabilisation during this unsteady period.
Speaking about the need for stability, Phil Chesworth, Managing Director at Pallet Truck Shop, said, “Despite the figures showing a downward spiral with regards to sales, the last thing businesses need to do is panic and start making cuts where they don’t need to.”
A separate survey of manufacturing companies published last week also highlights similar feelings. Manufacturers’ organisation EEF’s poll revealed business confidence had fallen in every region of England and Wales, meaning that that the sector’s recovery was under threat.
“Although all businesses need to watch their outgoings, the present period is no different to any other,” adds Phil. “It’s important that businesses don’t get caught up in the doom and gloom reports and predictions too much, and focus on their own business and its profits in order to get a good indication of sales and predicted targets for the year.”