Footfall set to remain below 2019 for the foreseeable future
New figures have shown that footfall strengthened for the third consecutive month in June, with the gap from 2019 narrowing to -12.3% from -13.7% in May.
However, the data from Springboard also reveals that the result was wholly due to the positive impact of the Platinum Jubilee Bank Holiday in the first week of the month, when footfall increased by 8.6% from the previous seven-day period.
The subsequent four weeks in June saw the gap from 2019 averaging at -14% and worsen each week up until the final week of the month when the gap from 2019 reached -16% across all retail destinations and -19.5% in high streets.
Looking forward to the second half of 2022, Springboard now anticipates that footfall will remain at least 10% to 15% below the 2019 level.
Diane Wehrle, marketing and insights director at Springboard, said: “June’s result reinforces our view that the cost of living crisis is starting to impact consumer behaviour and constrain shopper activity.
“In the short term, the overall impact on the retail sector is being mitigated by robust store sales that continued in June overall, although sales performance was more erratic than in May with shifts from a positive to negative position occurring from week to week, the first sign that consumers are starting to pull back on spending.”
Springboard found the trend for footfall in smaller high streets being more resilient than in larger cities continued in June due to hybrid working. In central London footfall was -21% below 2019 compared to just -9.9% in outer London and -15.8% below 2019 in large city centres across the UK, This reflects the findings of Springboard’s Retail Consumer Survey which show that around half of all employees continue to work at home for at least part of the week post pandemic.