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How Will “Brexit” Impact the Photography Industry?
By Joseph Tepper, June 27, 2016 @ 09:56 AM (EST)
Source: Petapixel

Britain’s stunning decision to leave the European Union as a result of the Brexit vote left the world in shock last week—and the big wigs of the photography industry were no exception.

Heads from Canon and Hasselblad shared their forecasts following the historic break up between the United Kingdom and the EU. Reuters shared a statement from Canon CEO Fujio Mitarai, which said that he was “very dismayed” by the decision. He expects that the decision will have a long-term negative impact on the Japanese yen and the camera company.

“In Japan, while we can expect to see a temporary surge in the value of the yen, the U.K.’s decision could also bring a halt to the economic recovery that had been underway,” Mitarai said in a statement.

Hasselblad’s CEO Perry Oosting also weighed in on the financial shakeup, with a slightly less dramatic take. Although, it should be noted that his interview with Amateur Photographer UK took place prior to the unexpected results. When asked about the impact of a Brexit on the price of Hasselblad cameras, Oosting said the following:

“Well, we need to see how the pound is doing, of course. We have a price point, and if it really makes a difference then we probably have to adjust the price point.”

The British pound hit a 30-plus-year low, dropping by more than 10 percent over the weekend, so it appears that the price points of many UK related photo products will have to be adjusted.

 

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