High street footfall was 5.3% lower on December 23 than the same day last year as cost-of-living pressures continued for many households, according to the latest figures.
Retailers had hoped for a long-awaited sales bonanza on Monday – expected to be this year’s peak Christmas shopping day – and footfall surged by 28.5% across all UK retail destinations compared with the week before, MRI Software said.
Visits to shopping centres were up 45.5% on last week and retail parks saw a 31.1% increase as consumers sought last-minute gifts and entertained children.
High streets also saw an 1.8% week-on-week increase in visitors.
However, MRI said the year-on-year 5.3% drop in footfall on the high street suggested the cost of living was still affecting many families.
This was also reflected in “modest” year-on-year rises recorded in shopping centres and retail parks of 1.4% and 4.9% respectively.
MRI Software’s recent Consumer Pulse report found 51% of consumers were concerned about the rising cost of living over the next six months, driven by higher energy and housing costs during the winter.
Jenni Matthews, marketing and insights director at MRI Software, said: “While many are taking to the shops ahead of Christmas Day, this may well be the last splurge before a big spending freeze sets in in the new year for consumers, meaning that retailers should be taking heed of these trends to plan accordingly for a challenging start to 2025.”
On Monday, separate figures suggested this Christmas appeared to have been “disastrous” for retailers, with footfall down 11.4% on last year over the final full week before Christmas.
Even on Super Saturday – the final Saturday before Christmas Day, typically the peak shopping day of the year – footfall was just 4.1% higher than the previous Saturday, and only 0.9% higher than the same Saturday a year earlier.
The British Retail Consortium (BRC) has warned of a January spending squeeze.
BRC-Opinium figures suggest public confidence in the economy fell eight points to minus 27 in December.
The public’s spending intentions – in retail and beyond – dropped six points, with expectations of spending falling in nearly every retail category.