Nearly two months on, we are still feeling the tremors of the unexpected result to leave the EU – the full impact this has had on the tech industry is still unknown.
However, amongst many uncertainties, what we do know is that this decision is already causing the price of tech to rise.
A number of vendors including; Lenovo, Dell, HP and Asus have already started to increase their prices citing Brexit as the main driver. The Register reported that Dell had “already implemented a blanket 10% increase in the costs it charged UK retailers.” From the 1st August Lenovo will follow - with a 10% price increase to products. It has been reported that HP sent out an email to hardware partners, informing them to expect a rise in prices due to "unprecedented weakening of the pound to US dollar exchange rate".
Chinese Smartphone Company Oneplus states that Brexit caused it highly anticipated handset will be sold at a 6.5% increase in cost to protect its "extremely thin margins”.
Although price increases seem to go hand in hand with the decision to leave the EU, Forrester shone a glimmer of hope and positivity – stating they believe IT market will still grow by 1% in 2016 (although, down from their original forecast of 5%). However, Gartner, by contrast, believes the market will shrink by 0.3 and 3.3%.
Price and stock data in the supply chain seemed mainly unharmed by Brexit, with the exception of 7th July and 28th June where price increases reached 29,000 - the highest since the Japanese Tsunami in 2011.
The increasing price of tech is not the only way this volatile market will be affected – it has been reported that tech groups have been informed that funding from the European Regional Development Fund has been paused putting some tech projects on hold.