Latest figures show retail footfall in the UK slid 2.3% last week from the previous seven-day period as the country’s political and economic woes worsened.
The data from Springboard showed that there were declines within all main destination types. High streets saw a fall of 3.3%, while retail parks and shopping centres experienced respective drops of 1.5% and 0.7%.
Diane Wehrle, insights director at Springboard, said: “There are several factors at play in terms of what is driving consumer activity; however, the most evident is the squeeze on household incomes as a consequence of inflation and increased mortgage rates. This, mixed in with the current political uncertainty, inevitably makes consumers cautious and then rail back on shopping trips.”
Springboard said the figures meant that the increase from 2021 across all UK retail destinations contracted to +5.9% from +6.7% in the previous week. In addition, the gap from 2019 widened to -11.1 from -9.2% in the week before last.
Wehrle noted that shoppers may well have deferred their shopping trips due to half term happening this week. She added: “Footfall typically rises in the week of school half term as families visit retail destinations for group shopping trips and days out, so footfall this week will be a good barometer of current consumer sentiment and behaviour.”
NAM Implications:
- Readers of today’s NamNews bulletins will have seen similar conclusions
- …arrived at from different sources.
- i.e. It’s going to be a tough unprecedented Winter…
- Where, for many consumers, unprecedented inflation and mortgage levels…
- …are driving fundamental changes in shopping behaviour.
- That will not reverse easily…
- …or quickly.
- Best factor that context into business planning…
