Footfall gap from 2019 narrows in October to -9.8%

The gap in footfall from 2019 narrowed in October to -9.8% from -12.6% in September and -13.2% in August, according to the latest figures from Springboard.

Overall it found the footfall was -10.5% in high streets, -14.7% in shopping centres and -3.3% in retail parks. Meanwhile, the uplift in footfall from 2021 diminished for the third consecutive month in October to just +5.2%, to a third of the uplift of +15.6% in July.

Springboard said that in the last week of the month – the key week when footfall always increases as schools are on their half term breaks – footfall rose by +8%, however, this was lower than the rise of +11.1% in the same week in 2021.

Springboard added that its town centre sales tracker recorded a rise in spending in bricks and mortar stores of just +1.8% in October, which is “significantly below” the current rate of inflation of 10.1% indicating that consumers are buying fewer products.

The political uncertainty in October was also said to have had “huge implications” for consumer confidence, which is now at an all time low.

Despite the growing cost of living crisis, Springboard found the gap in footfall from 2019 across UK retail destinations continued to narrow and is the first time that the gap from 2019 has been less than -10% which is a “positive sign in what is clearly a challenging economic environment for retailing”.

Diane Wehrle, marketing and insights director, said: “The last week of October is pitched as the key week of the month as schools are on their half term break. Footfall always increases in this week and this year was no exception, with a rise of +8% from the week before, a significant uplift from the previous three weeks when the only increase was +0.8% in the second week.

“However, the increase in the half term week this year was less than the rise of +11.1% in the same week in 2021, an indicator of the impact of the cost of living crisis on consumers’ budgets and therefore on their propensity to spend.”

She added: “Indeed, we know from the recently released ONS spending data that consumers have cutback on spending, and Springboard’s town centre sales tracker recorded a rise in spending in bricks and mortar stores of just +1.8% in October, which is significantly below the current rate of inflation of 10.1% indicating that consumers are buying fewer products.

“October was a nightmare month for British politics, and the uncertainty clearly had huge
implications for consumer confidence which is now at an all-time low. Whilst it appears that
some political stability has been regained, the Autumn statement on 17 November and the
soundings about impending tax rises and spending cuts, combined with rumours about energy black outs over the winter, will undoubtedly suppress consumer confidence and therefore footfall further.”