// Footfall in March fell by 2.8% month-on-month, as shoppers reined in leisure based trips amid the cost of living crisis
// Springboard said that “inflationary pressure and interest rates lead to consumer trips now being driven by essential shopping”
UK retail footfall last month was worse than it had been in February with MRI Springboard saying that “shoppers have started to rein in leisure-based trips, with the long-awaited impact of the cost-of-living crisis creating consumer cautiousness”.
In March, footfall fell 2.8% compared to February, versus a rise of 9.4% from January to February 2023 as the cost of living crisis delivered a hammer blow to UK retail destinations.
It was also the first time it had recorded a monthly drop since the survey began in 2009 — apart from the extreme situations when lockdowns started in March 2020 and the ‘Beast from the East’ snow arrived back in 2018.
Footfall was down 0.6% compared to March 2022.
Covering the five weeks from 26 February – 1 April 2023, MRI Springboard said the gap widened to -18.7% compared to pre-pandemic 2019 levels, and was down -0.6% compared to March 2022.
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The report added, “inflationary pressure and interest rates lead to consumer trips now being driven by essential shopping”.
Although, MRI Springboard is forecasting that Easter Weekend footfall will be 5.1% higher than in the week before while footfall for Easter 2023 is expected to be 5.4% higher than Easter 2022.
MRI Springboard insights director Diane Wehrle said: “March delivered a sharp shock to UK retail destinations with a decline in footfall of -2.8% over the month from February to March, a result that had not been anticipated following an increase in February that more than matched the result for February in previous years.
“These results demonstrate that consumers are clearly starting to feel the impact of the cost-of-living crisis. Higher inflation and interest rates and the end of the monthly energy bill rebate, all coincide with the need for consumers to plan for Easter and the summer in the face of a dwindling savings pot amassed by many during the pandemic. This inevitably means that a far greater degree of cautiousness is being exhibited.
“Indeed, the evidence of this is clear from an annual decline in footfall of -1.4% across UK high streets at the weekend – the first month ever this has occurred – versus rises of +19.8% in February and +9.5% in January.”
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