London shops hit by falling footfall as Brits tighten belts amid inflation
Central London shops may see a spending slowdown in the weeks to come, with city centres still reeling from the impact of office workers remaining at home, industry experts have warned.
While the gap between 2019 footfall levels did narrow slightly in June versus May due to the Platinum Jubilee, sales lagged towards the end of the month.
On average, the gap from 2019 averaged -14 per cent over June, but retail destinations saw worsening footfall with high streets seeing -19.5 per cent in the last week of the month.
The gap worsened to -16 per cent across all retail destinations, as Brits pulled back from discretionary spending amid rising energy, grocery and fuel bills.
Footfall is set to remain at least 10 per cent to 15 per cent below the 2019 level, Springboard warned.
“Whilst store sales are undoubtedly buoyed by spending from those middle income families who had saved during Covid, we fully expect to see this spending slowing as people gear up for the increase in energy bills in October and for Christmas,” Diane Wehrle, marketing and insights director explained.