One in five jewellery retailers said that Brexit represents the biggest threat to them, a new study shows.
New research conducted by financial solutions provider Duologi, said that 19% of SME jewellery retailers expressed concern over Brexit.
The study also showed that 39% of retailers currently feel unprepared for Brexit as further uncertainty surrounding the UK’s departure from the European Union (EU) grows.
Duologi CEO, Michael Bevan, said: “With political uncertainty continuing into the New Year, SME jewellery retailers are still unclear on how this will affect them and how they can prepare. Despite additional resources being made available ahead of an exit from the European Union (EU), deadline extensions scupper existing plans and safeguards, putting small jewellery businesses in a difficult position.
“The economic uncertainty also fuels further consumer hesitancy when it comes to spending on significant purchases, as they are unclear on what the immediate impact of an EU exit means for them.”