At 23.00 on 31st December 2020, the UK officially left the European Union.
Prior to that, there had been years of debate, uncertainty, and a whole load of drama.
What has been the impact of Brexit?
The following statistics will help you find out.
General Post-Brexit Marketing Statistics and Facts
The EU-UK Trade and Cooperation Agreement provisionally came into force in January 2021.
What impact did this have on trade?
- The value of goods exported to the European Union fell by approximately 5.3 billion British pounds.
- Imports fell by 7.2 billion pounds.
- Before Brexit, the European Single Market was the UK’s main trading partner, accounting for 51.6% of all UK imports and 53% of its exports.
- One-quarter of food consumed in the UK comes from the EU.
- Fruit and vegetables and meat are the main food commodities imported from the EU.
- 80% of food imports to the UK came from the EU prior to Brexit.
- UK exports to the EU in the first ten months of this year were down 12% on pre-pandemic levels.
- UK imports from the EU were down more – than 20% lower than before the pandemic.
- UK exports to the rest of the world are down 7%, or £12bn in January-to-October 2021 versus the same in 2019.
- UK imports in the same time period have fallen a little too by 3% to £227bn.
Post-Brexit Marketing Impact Statistics
- According to an Econsultancy study, 10% of survey respondents stated that they had implemented a Brexit marketing strategy.
- 58% of respondents replied that their organization had not made any changes, nor was it planning to in light of Brexit.
Post-Brexit and the Future of Marketing
- Some big brands decided to make no changes to their marketing strategies, saying that Brexit had made no impact. High Street retailer Next is just one example.
- Many retailers are expecting prices to continue rising post-Brexit.
- Asda has been getting creative with its advertising, anticipating that more people will be looking at stay-cations. More local shooting locations have been used.
- Some retailers are seeing Brexit as an opportunity to play up their ‘Britishness’, (Jacks brand from Tesco, with its red, white, and blue livery and Wetherspoons Brexit beer mats)
- Others are taking a step back for fear of putting people off.
- The UK’s key export markets are less reliant on UK goods
- The UK is less reliant on foreign goods.
- From Jan-October 2021 there was $627 billion in two-way trade between the US and the EU, up from $532 billion in the same months in 2020.
- China-EU two-way trade in the first 10 months of 2021 was $558 billion compared to $479 billion in 2020.
- The UK’s two-way trade figure with the EU is £308bn versus £302bn, which shows it’s failed to rebound post-Brexit trade deal.
How have Brexit affected consumers?
Consumers on the whole have been very cautious, but optimism is growing. The media headlines were very gloomy but confidence in the post-Brexit UK is growing.
How have Brexit affected businesses?
Business owners are saying that the reality of trading outside the Single Market and Customs Union has been challenging in many ways.
They have experienced a huge drop in sales, their business has been rendered uncompetitive in Europe, and things have been very frustrating and scary.
What are Brexit consequences for marketers?
In the long term, marketers have to be mindful that there will be increased logistical challenges for UK businesses. There may be a reduction in income which means marketing budgets may feel the pinch.
The IPA’s long-running Bellwether report shows that after 6 years of growth, marketing budgets have seen more cuts in recent years.
As you can see from the figures, there have been some highs and lows when it comes to business post-Brexit. So far, things seem to be holding up but there are still many things that are uncertain.
GDPR and data flow are one concern.
Nevertheless, Marketing still has an important part to play in building customer confidence, providing a clear brand message, and understanding the changing needs of the market.
The hand-picked statistics, facts, and trends were taken from the following sources: