Confidence in the global drinks industry remains at a low level following the UK’s decision to leave the European Union (EU), the latest just-drinks survey shows.
The poll, conducted in after just-drinks’ initial survey in July, shows only a slight easing in industry concerns over the past three months – and increasing uncertainty about Brexit’s full implications.
Some 45.5% of those surveyed last month said their confidence in the industry’s short-term prospects had fallen over the past three months, compared to a figure of 55.3% in July. Meanwhile, just over 45% of respondents reported reduced confidence in the drinks industry’s medium to long-term prospects, versus a figure of nearly 54% in July.
In July, 76.5% of people believed it would take at least two years before Brexit’s full implications were understood; in October, that figure rose to 85.6%, with 43.1% predicting it will take five years or more.
Currency volatility, uncertainty over future trade, tax and import tariff arrangements and the potential further fragmentation of the EU were cited as the biggest post-Brexit challenges facing the industry.
But, on the brighter side, respondents highlighted opportunities such as potential new UK trade deals with emerging markets, and the positive impact on exports from the falling pound.
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