Footfall and Spending Decline in October Amidst Political Uncertainty
- Footfall gap from 2019 narrows to -9.8% in October
- High street footfall down by -10.5%, shopping centres -14.7%, retail parks -3.3%
- Uplift in footfall from 2021 diminishes to +5.2%
- Town centre sales tracker shows spending rise of +1.8% in October
- Cost of living crisis impacting consumer confidence and spending habits
The gap between footfall in 2022 and 2019 has narrowed to -9.8% in October, according to Springboard’s data. High streets saw a -10.5% decline, shopping centres -14.7%, and retail parks -3.3%. The uplift from 2021 decreased for the third consecutive month to +5.2%. Despite a +8% increase in footfall during half term week, it was lower than the +11.1% rise in 2021. Springboard’s town centre sales tracker revealed a +1.8% spending increase in October, below inflation rate of 10.1%, indicating consumers are buying fewer products. Political uncertainty and cost of living crisis have affected consumer confidence, now at an all-time low. The Autumn statement and potential tax rises may further suppress footfall.
Factuality Level: 8
Factuality Justification: The article provides accurate information on the changes in footfall and spending trends in UK retail destinations, citing data from Springboard and ONS. It also discusses the impact of political uncertainty on consumer confidence. However, it includes some speculation about future impacts of tax rises and energy blackouts.
Noise Level: 6
Noise Justification: The article provides some relevant information on footfall trends in UK retail destinations but also includes speculation about political uncertainty and its impact on consumer behavior without concrete evidence or data to support the claims.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses changes in footfall and spending in retail destinations, which can impact companies in the retail industry. It also mentions inflation rates and consumer confidence, which are relevant to financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses political uncertainty affecting consumer confidence, but it does not mention an extreme event in the last 48 hours.
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