‘Disorderly' no-deal Brexit could wipe up to £5.4bn in 2020 eating out market: MCA
The market has reportedly shrunk 1.9% so far as a result of the referendum.
A ‘disorderly’ no-deal Brexit could slash the country’s eating out market up to £5.4bn, predicts MCA.
“We predict that a disruptive No Deal Brexit will shave at least £3.4bn off the forecasted value of the Eating Out Market in 2020, but a disorderly No Deal Brexit could cut reduce the market by £5.4bn,” the market research company said.
“A No Deal Brexit will have clear implications on consumer confidence and spend. Rising inflation as a result of increased input prices will squeeze household incomes at a time when consumers are limiting discretionary spend. Saving is currently at a record low, however we expect this to change as precautionary consumers save due to economic uncertainty,” it added.
The UK eating out market, MCA says, has shrunk 1.9% so far as a result of the Brexit referendum. The small percentage equates to a reduction of £1.4bn in value, with a drop in eating out frequency due to low consumer confidence.
“Operators and suppliers need to start planning for every Brexit scenario and ensure they are prepared come the end of October,” MCA said.
