More than half of Welsh businesses (52%) expect the economic situation in Wales to worsen over the next 12 months, while only 14% expect it to improve, according to the latest findings from the Beaufort Business Omnibus Survey, based on 500 telephone interviews with business decision-makers across Wales.
Businesses were somewhat less pessimistic about their own financial position than about the wider economy, although expectations are more likely to point towards deterioration than improvement. One-third (33%) expect their financial position to worsen over the next 12 months, compared with 17% who expect it to improve, while 44% anticipate little change.
The findings also highlight the challenges facing businesses across Wales. Nine in ten (91%) agree that rising costs are having a significant impact on their organisation, while 88% say managing ongoing costs and commitments has become more challenging.
The survey also found that a quarter of businesses (25%) anticipate having to reduce staff numbers due to economic conditions, although 41% disagree that this is likely to be necessary.
Despite these pressures, 61% of businesses agree that demand for their products or services is currently strong, suggesting that many organisations continue to experience healthy levels of customer demand even against a backdrop of economic uncertainty and cost pressures.
Find out more about how Beaufort’s Business Omnibus Survey can provide you with cost-effective access to the opinions of decision makers across Wales here.
Or for more information about upcoming waves, please contact the Beaufort team here.
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