UK High Streets Face Challenges as Consumer Confidence Plummets

  • High street footfall fell 25% in May compared to the previous month
  • London, Glasgow, and Newcastle experienced the biggest declines
  • Footfall still 48% lower than pre-pandemic levels
  • Glasgow hit by train strikes and weak consumer confidence
  • Guildford and Leeds were the only cities to exceed pre-pandemic levels in May
  • Consumer confidence at an all-time low of -41%
  • Fewer foreign tourists, particularly from China
  • Retailers hope for a summer boost from international travel

High street footfall fell by 25% in May compared to the previous month, according to RSM UK’s analysis of Datscha data. London, Glasgow, and Newcastle experienced the biggest declines, with footfall still 48% lower than pre-pandemic levels. The cost of living crisis is taking its toll on consumer confidence, which reached an all-time low of -41%. Fewer foreign tourists, particularly from China, are visiting the UK. Retailers hope international travel will boost footfall during the summer.

Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (RSM UK’s analysis of Datscha data), discusses specific trends in different cities, and includes expert commentary on the reasons behind the observed changes. However, it could provide more context or background information about the factors affecting consumer behavior and international travel.
Noise Level: 3
Noise Justification: The article provides relevant information about high street footfall trends and offers some analysis of factors affecting it, such as hybrid working, consumer confidence, and international travel. However, it could benefit from more in-depth exploration of the underlying causes and potential long-term consequences.
Financial Relevance: Yes
Financial Markets Impacted: High street retailers, tourism industry
Financial Rating Justification: The article discusses changes in high street footfall and its impact on retailers, as well as the effect of international travel on tourist spending.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk