A survey carried out by research consultancy Retail Economics following the last week’s vote to leave the EU showed that 61% of consumers are concerned about the future of the UK economy and feel Brexit will have a negative impact on their personal finances.

Just over half of consumers said they are likely to save a higher proportion of their wages in light of the referendum result. Meanwhile, over half of consumers said they were worried about rising food prices, whilst almost 60% of consumers think the cost of living is likely to rise and Brexit will have a negative impact on spending on non-essential items

Richard Lim, Chief Executive, Retail Economics said: “The results from our Consumer Attitudes Survey show concerns over the future of the economy, personal finances and rising costs of living are likely to choke-off consumer confidence and spending.

“Our survey revealed three in five Britons are worried about the outlook for the UK economy and believe that Brexit will have a negative impact on their personal finances.

“A further 58% said they would now hold back spending on non-essential items with our analysis suggesting that electricals and DIY would be the areas hardest hit.

“With the consumer sector the driving force behind the economic recovery so far, it is difficult to see what can compensate should a more widespread slowdown materialise.”

Click here to download the full Consumer Attitudes Survey