The BRC reported a sharp increase in consumer footfall on the high street during the long Bank Holiday weekend to celebrate the Queen’s Platinum Jubilee.
The number of people visiting shops in the Jubilee week increased over 17% on the average for May. The BRC reported that for the rest of May, there was evidence of rising inflation deterring the public from spending. Footfall for the Bank Holiday Thursday (2 June) was 45.5% higher than the May 2022 average.
Helen Dickinson, BRC’s chief executive, commented: “It was great to see so many people out celebrating and shopping at their favourite local destinations – a welcome boost for retail businesses reliant on store performance, particularly on the high street.
“We hope that the momentum can continue despite the ongoing economic turbulence.”
Overall, sales in May 2022 were 1% below those in May 2021, with higher value items taking the biggest hit.
Helen continued: “It is clear the post-pandemic spending bubble has burst, with retailers facing tougher trading conditions, falling consumer confidence, and soaring inflation impacting consumers’ spending power.
“Supply chain issues including rising commodity and transport costs, a tight labour market and higher energy bills are forcing retailers to increase their prices, contributing to wider inflation.”
