A popular market research survey in Britain measuring the mood of consumers after the country chose to opt out of the European Union in the June 24 referendum, found that confidence level among the consumers had dropped by eight points – the lowest in 21 years (December 1994).
“We've seen a very significant drop in confidence, as is clear from the fact that every one of our key measures has fallen, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months, ” said Joe Staton, Head of Market Dynamics at GfK.
The measures used to gauge consumer feelings were general economic outlook in the preceding 12 months and succeeding 12 months, personal financial situation in the last 12 months and perception of the next 12 months, purchase and savings index.
Only the savings index, which was not used to calculate the core index, was up by 4 points, while the purchase index was down by 12 points indicating that the proportion of people who think that now is not the time to spend as gone up significantly.
Also, as in previous periods of uncertainty, consumers would tend to turn to well-known brands they loved and trusted as a guarantee of quality and value for money.
Thus, now is the time for companies to understand and respond to consumer concerns by anticipating and meeting their needs.
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