New Year shopping slows

By Teamspirit on Friday, 6 January 2017

Last weekend saw the number of shoppers reduce significantly on previous years, a sign that experts advise does not bode well for the year ahead.

With high street footfall down 13% nationwide and by a half in shopping centres on New Year’s Day compared to 2016, it seems that January price reductions fail to elevate store retailers over the convenience of online alternatives.

Earlier this week retailers began to publish Christmas trading results, with Next reporting of falling sales and warning of a challenging 2017. Retail commentators have pointed out that these are indications of a wider consumer shift from spending money on clothing and footwear to experiences and technology, as is especially common among millennials.

These results combined with the business rates increase across the country this year, resulting in some London shops facing up to 87% increases in tax, means we will likely see a continuing slow-down in high street consumer spending this year – and witness the ever-increasing relevance of digital spending and banking technology.

Related News

Tue 22 Apr 2025

Using client feedback as a driver for growth

Read more

Wed 26 Mar 2025

NoticeMe! Why financial services need fame

Read more

Tue 4 Mar 2025

Why the UK is playing catchup in the race for Cryptocurrency infrastructure

Read more

Fri 28 Feb 2025

30 Series - 30 Events: 30 Years

Read more