We know, we know. Everyone is fed up of talking about Brexit. The thing is, it isn’t going to go away and one way or another, Brexit is going to have an effect on all of us – us in the market industry we mean.
It is sometimes useful to get the long view by standing well back. We are only a month after the referendum and all the dust hasn’t settled yet. However, we are beginning to get something of a view, even though it is still murky.
Our starting point a month ago was to expect that the British economy will stutter. It is inevitable in times of uncertainty that businesses will hold back decisions on recruitment and investment. Whether this will mean simply a slowing of growth or a move into recession it is hard to say. What we are really interested in is whether this slowing of the economy will be matched by a slowing of spending on market research.
We think that market research has become such a valued tool to decision-makers in business that they will continue to use it, much as before. In fact, there is a possibility that it will be used more to explore new opportunities. If growth slows for a company selling into its domestic market, it is quite reasonable to expect they will seek help in building their sales elsewhere.
The market research industry has dealt well with economic slowdowns in the past. People tend to bucket market research with promotions and advertising which can get scaled back when times are difficult. However, market research is different. Manufacturers of ice cream reduce their advertising expenditure in winter but they use market research to find new outlets for their products when the temperature drops.
We will keep you informed as to what is happening in our industry but, so far, so good. Market research enquiries are holding up well.