URGENT UPDATE: UK shoppers flocked to high streets and retail parks for last-minute Christmas purchases on December 24, 2023, with foot traffic surging by 2.4% compared to last year. This surge in activity comes as retailers face a challenging economic landscape, providing a much-needed boost to sales before the holiday.
Data from retail technology specialists MRI Software revealed that footfall at retail locations increased significantly, with 20.5% more visitors than just a week earlier, underscoring a trend of late shopping among consumers. Notably, retail parks experienced a remarkable 6.6% rise in footfall year-on-year, while high streets saw a modest increase of 1.1%.
As shoppers rushed to find last-minute gifts, Jenni Matthews, a retail analyst at MRI Software, stated, “It has been a tough year for retailers after they first felt the impact of last year’s autumn budget, which led to increases in labor costs. Many are now expecting higher business rates next year too. The footfall shows that people are still out and about, shopping in their towns and cities across the country.”
Regional data indicates that Wales experienced a notable surge, with shopper traffic up by 7.9% year-on-year. Meanwhile, London reported a 2.6% increase in footfall, as many consumers sought to take advantage of the bustling shopping atmosphere.
This rise in shopping activity is crucial for retailers, especially as they prepare for potential challenges in the coming year. With many Britons delaying their shopping until the last minute, the increase in footfall signals a resilient consumer desire to celebrate the holiday season, despite overarching economic pressures.
As the day unfolds, retailers will closely monitor these trends to gauge overall impact on holiday sales. The final hours of Christmas Eve are expected to draw even more shoppers, eager to secure their last-minute gifts.
Stay tuned for further updates as this story develops, with implications for both consumers and the retail industry ahead of the New Year.
