Retail footfall is expected to drop month-to-month from September to November, as households continue to feel the pinch of cost-of-living pressures.
Data from MRI Software revealed it will likely be a difficult Christmas for retailers as Brits tighten their belts in response to growing costs, rising interest rates and inflation.
The greatest monthly loss in foot traffic since January 2023 is predicted to be 3.2% for all UK retail destinations in September.
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While in October, footfall will continue to decline by just 0.1%, remaining flat from October to November before increasing by 5.1% from November to December.
Although the latter figure will be the largest increase this year, it remains below the 5.8% rise seen in 2022.
Meanwhile, for September to December, MRI predicts that footfall in shopping centres will average 0.3% below the 2022 level versus -1.7% in high streets.
With footfall in retail parks expected to edge up 0.9%, this means there would be an overall decline in UK retail footfall of 0.7% for the period.
MRI Software insights director Diane Wehrle said: “With this additional financial burden for so many consumers just over the horizon, MRI Software anticipates that this will curtail consumers’ propensity to shop.
“It is forecast that spending pressure will start to bite from September onwards, with drops in footfall from month-to-month over the three months from September to November, only increasing from November to December in the run up to Christmas.”
Following Black Friday, the rise in footfall from November to December will result in a 6.5% footfall boost to retail parks and 10% in shopping centres, but high streets will rise by just 2%.
Wehrle added: “The largest hit on footfall will be felt by high streets, which is generally the case in the run up to Christmas as shoppers head to larger shopping centres and retail parks which lure shoppers through a wide range of brands in large stores in a single destination.”
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