
Consumer spending power is continuing to be curbed by the cost of living, with UK footfall down 1.3 per cent – covering the four weeks from 1st-28th October 2023 – compared to October 2022.
According to the most recent data from retail experts MRI Software, high streets had a 2 per cent loss in foot traffic, shopping centres saw a 1.8 per cent decline, and retail parks saw a marginal growth of 0.8 per cent. This represents the first year-over-year decline in foot traffic since April 2021.
James Massey, Managing Director OnLocation for Footfall Analytics MRI Software, said, “The impact of the cost of living on consumers’ spending power became even more evident in October as footfall dropped by 1.3 per cent from last year across all UK retail destinations.”
Foot traffic at all UK retail locations decreased by 0.2 per cent between September and October, mostly due to weekly drops in high streets and shopping malls during the first three weeks of the month.
The outcome was saved from being much worse by the final week of October, which fell during the half-term school holiday in some parts of the UK. During that week alone, foot traffic at retail locations increased by 9 per cent compared to the previous week, offsetting the 2.1 per cent average decline in the three weeks prior.