JWT London Research Reveals Brexit Opportunities for Brands
Three in four consumers also feel that brands need to be prepared for the essence of Britain to change
New research from J. Walter Thompson Europe shows that while 69% of people think Brexit will have a negative impact on brands, 71% think brands can play a vital role in educating them on what the vote means for their products and services, delivering a huge opportunity for businesses.
The research of more than 1,000 people across post-Brexit Britain using J. Walter Thompson’s Sonar research tool found that 67% want British brands to ensure prices of products/services remain the same, 56% believe the outcome of the EU referendum will have a negative impact on the cost of products and services while 45% believe it will have a negative impact on the amount people will spend. People also want brands to show them where their products come from.
However, it also shows that 65% of consumers want brands to communicate with them in a “more open way”, 67% feel British brands should have “better communication about where the products/services are from” and that 71% want brands to educate them.
Toby Hoare, Chief Executive Officer of J. Walter Thompson Europe, says: “Companies and brands need to redouble their efforts to be seen to be collaborative, open minded and thinking about possibilities that go beyond their own boarders, and even beyond consumers. There are greater messages to be sent.
“They can also play a massive role in abating some of the obvious fears that a huge number of consumers have by educating them – in all manner of areas. This is a great opportunity. The brands that position themselves as open and progressive and for everybody are the ones that most people will want to associate themselves with and buy into. They need to be seen to be part of the new world.”
The research also found that three in four consumers feel the ‘essence of Britain’ will change as a result of the EU referendum while positivity toward Britain has deteriorated since the Olympics in 2012: in our research carried out at the time, the majority of people (55%) felt positive emotions towards the British ‘person’ versus just 37% in our new research.
Hoare adds: “The coverage around and reaction to Brexit alongside the comments we have seen in the research show that this essence may well change for the worst – this risk is very real so brands need to prepare for this and be sensitive to the ever changing environment.”