Highstreet footfall in 2023 was 3.3 per cent ahead of 2022, which is still 11.5 per cent lower than pre-covid levels in 2019, according to new data from MRI Software.
Its report reflects the current climate across the retail sector, which has been impacted by rail strikes, the cost-of-living crisis and supply chain issues.
MRI Software Marketing and Insights Director, Jenni Matthews, said: “As we look ahead to 2024, consumer behaviour continues to evolve shaped by many factors including hybrid working and inflation, which makes it a challenging time for the retail sector as they grapple with these adjustments.
“2023 closed on a positive note with inflation sitting much lower than at the beginning of the year, and consumer confidence improving by over half setting the stage for a hopeful beginning to 2024.”
A spokesperson for MRI explained that the report marks a significant milestone because it analyses data from the first full trading year free from direct covid influences.
The report also highlighted: “Despite signs of improvement, the UK economy remains in a delicate position. While inflation has slowed, prices are still higher than consumers would prefer. This will continue to impact spending power, however should this remain stable we anticipate recovery as the year progresses with consumers gaining confidence in their financial situation and spending ability.
“International conflicts add another layer of complexity, likely to disrupt stock availability due to delays in products arriving from overseas.”
