Grim retail figures have been released ahead of the one year anniversary of the European Union (EU) referendum.
From 2016-2017, UK consumers, on a daily average, made 3,923,336 purchases online, but that number plummeted on key Brexit dates.
The day referendum results were announced 1,642,100 purchases were made in the UK – a drop of 58 per cent against the daily average. The recent General Election also saw a significant dip and the day Article 50 was triggered saw levels stoop to a big low.
Chris Boaz, Head of Marketing, of PCA Predict said: “Currently British consumers spend more than any other shoppers in Europe, accounting for nearly one third of all online purchases. Yet as our data shows, Brexit has seemingly shook consumers’ confidence.”
“This has serious implications for online retailers and shows how hard they now need to work to not only gain, but also retain customers. If a consumer can’t easily purchase something online, via the checkout, then a retailer is in trouble.”
| OVERALL AVERAGE ECOMMERCE PURCHASE LEVEL |
| 2016/2017 | Daily average online purchases in the UK | 3,923,336 |
| DATE | BREXIT TIMELINE | TOTAL |
| 24/06/16 | Referendum announced; Cameron announces resignation | 1,642,100 |
| 13/07/16 | Theresa May becomes prime minister | 2,030,040 |
| 03/11/16 | The High Court rules U.K. must hold a vote in Parliament before starting Brexit process | 2,270,370 |
| 05/12/16 | The Supreme Court convenes to decide whether Parliament or the Prime Minister has the power to invoke Article 50 | 3,581,000 |
| 26/01/17 | The government introduces a 137-word bill in Parliament to win the right to trigger Brexit | 1,784,710 |
| 01/02/17 | The House of Commons approves May’s bill by 498 to 114 in a first vote as fellow Tories prepare to fight for amendments | 1,950,350 |
| 13/03/17 | Nicola Sturgeon says she will seek a second vote on Scottish independence | 1,806,540 |
| 29/03/17 | Article 50 Triggered | 1,688,450 |
| 22/05/17 | Brexit talks begin: EU’s European affairs ministers approve the Commission’s negotiating proposals, giving Barnier a mandate to start the process | 1,673,510 |
| 08/06/17 | General Election | 1,579,670 |
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
