The latest figures from retail analysts MRI Springboard, covering the four weeks 30 April 2023 – 27 May 2023, reveal that the three Bank Holidays in May boosted footfall for retailers.
“With three official Bank Holidays, May 2023 was a unique month in the retail calendar, providing a further boost to retail stores and destinations with a rise in footfall of 1.1% from April,” comments Diane Wehrle, Insights Director at MRI Springboard. “This was a second consecutive month on month rise following an increase of 7.2% from March to April – the first time that footfall has increased in two consecutive months since August 2022,” Diane pointed out.
High streets saw the biggest increase in consumer activity over the Bank Holidays at the beginning and end of May, with footfall over the Coronation weekend as a whole dropping 8.2% from the first May Bank Holiday, having increased by11.6% from the previous week. However, on the day of the Coronation, footfall was 20.6% lower than the previous Saturday.
The figures reveal that, overall, the uplift in footfall in May demonstrated a greater degree of consumer resilience than initially envisaged, but that consumers are selective about when they spend. Nevertheless, the report predicts a summer of caution ahead, as consumers brace themselves for further price rises and rein in shopping trips and spending.”
Top: The trio of May Bank Holidays gave retailers an added boost, with high streets seeing the biggest increase in footfall.
