Knightsbridge and Chelsea hail bumper Christmas thanks to swanky shoppers splashing cash
Swanky shops and restaurants around Knightsbridge and Chelsea enjoyed a bumper Christmas, helped by affluent customers splashing the cash on London’s Kings Road.
Data by Knightsbridge and King’s Road partnerships, business improvement districts, shared with City A.M., showed footfall in December broke levels recorded the year before.
On the King’s Road domestic spending leapt by 20.5 per cent and on Knightsbridge it grew 59 per cent.
The average transaction value for food and drink in December was higher than in November in both districts, up 12.5 per cent in Knightsbridge and 35.5 per cent in King’s Road.
Boxing Day also showed positive footfall growth from 2022 across both regions.
Steven Medway, chief executive of Knightsbridge and King’s Road Partnerships, said: “Christmas is well-known as an important period for trading, accounting for up to a third of annual sales.
“Yet, it’s also an important signal for the forthcoming year. Amid ongoing signalling from leading fashion houses and hospitality of a slowing of the pent-up demand for luxury, there has been less commentary on the recipe for resilience.”
Diane Wehrle, retail and destinations insight expert, who produced the analysis, said 2024 looks set to be more of a marathon than a sprint for retailers.
The expert said: “The data reveals that in spite of a challenging trading environment, both districts showed remarkable ability to retain customers and converting them into sales, reflected in both robust sales and increased average transaction values.
“2024 looks set to be more of a marathon than a sprint owing to the surprise inflationary increase in December, reflected in the drop in UK retail sales in December.”
Wehrle added: “Customers may be more bearish in spending habits until a clear signal emerges on interest and inflation rates, however, the bright side of this is that customers, once attracted, tend to spend money.”