The United Kingdom officially exited the European Union at 23:00 on December 31, 2020.
There had been periods of discussion, uncertainty, and a lot of drama before that. What's been the aftermath of the Brexit vote?
The metrics below can assist you in determining this. Marketing Metrics and Facts in the Post-Brexit Era
The EU-UK Trade & Cooperation Agreement entered into force provisionally in January 2021.
Image credit: pexels
What Influence Does This Have on The Economy?
- Exports to the EU decreased by about 5.3 bn British pounds.
- The value of imports decreased by 7.2 billion British pounds.
- The UK's major trading partner was the European Single Market before Brexit, accounting for 51.6 percent of all imports and 53 percent of exports.
- The EU provides one-quarter of the meals consumed in the United Kingdom. The main food imports from the EU are fruits and vegetables, as well as meat.
- Prior to Brexit, the EU supplied 80% of the UK's food imports.
- During the first 10 months of this year, exports done by the UK to the EU were down 12% from pre-pandemic levels.
- UK's imports to the European Union were decreased by more than 20% compared to before the outbreak.
- Exports by the UK to the rest of the world were down 7 percent, or £12 billion, from January to October 2021 compared to the same period in 2019.
- In the very same time period, UK imports decreased by 3% to £227 billion pounds.
Statistics on Post-Brexit Marketing
- According to a survey conducted by Econsultancy, 10% of respondents said they have executed a Brexit marketing plan.
- In light of Brexit, 58 percent of respondents said their company hadn't yet made any adjustments and had no plans to do so.
The Prospect of Marketing In The Post-Brexit Era
- Some major firms have decided not to alter their marketing tactics, claiming that Brexit has had little effect.
- One example is the high-street store Next.
- Many retailers predict that prices will continue to rise after Brexit.
- Asda has been getting inventive with its advertising in anticipation of a rise in the number of people considering stay-cations.
- The usage of more local shooting venues has increased.
- Some retailers see Brexit as an opportunity to flaunt their 'Britishness,' (for eg. Wetherspoons Brexit beer mats & Jacks brand from Tesco, with its white, blue, and red livery) While others are taking a step back out of fear of offending others.
- The UK's major export markets are becoming less reliant on British goods.
- The United Kingdom is less dependent on imported commodities.
- Between January and October 2021, two-way commerce between the United States and the EU was $627 billion, increasing from 532 billion dollars in the same months of 2020.
- In the first ten months of 2021, two-way commerce between China and the EU totaled $558 billion, up from 479 billion dollars in 2020.
- The UK's two-way trade with the European Union is £308 billion versus £302 billion, indicating that it has yet to recover from the post-Brexit trade pact.
FAQs
What impact has Brexit had on consumers?
Consumers have remained cautious on the overall, but optimism is building. Despite the dismal stories in the media, optimism in the UK's post-Brexit future is growing.
What impact has Brexit had on businesses?
The actuality of operating outside the Single Market & Customs Union, according to business owners, has been difficult in many respects. They've seen a significant reduction in sales, their firm has become stagnant in Europe, and events have been stressful and frightening.
What are the marketing implications of Brexit?
In the long run, marketers must keep in mind that UK businesses will face significant logistical hurdles. There could be a drop in revenue, putting a strain on marketing spending. According to the IPA's long-running Bellwether report, marketing budgets have experienced greater decreases in recent years after six years of rise.
Quick Links:Conclusion: Post Brexit Marketing Facts 2022
As the graphs show, there were some ups and downs in terms of business following Brexit. Things appear to be keeping up so far, however, there are still a lot of unknowns.
One problem is GDPR and data flow. Marketing, on the other hand, continues to play a crucial role in establishing customer trust, communicating a precise brand message, & recognizing the market's shifting needs.
Sources:The hand-picked statistics, facts, and trends were taken from the following sources:
Tweak, Kantar, BBC, Mopinion, Statista, MarketingWeek, Insights
