Marginal drop in retail footfallWednesday, 08 April 2009
According to Synovate Retail Traffic Index, UK retail footfall was down only marginally in March 2009, compared to the same period in 2008. Month-on-month, the figures for March 2009 showed a 4.2 per cent increase compared to February.
We shouldn't over-egg the significance of one month's figures, nor should we be over-surprised that shoppers were out and about in greater numbers after a very cold and financially depressing winter. Human nature being what it is, they were bound to savour the first rays of spring sun, says Synovate retail psychologist Dr Tim Denison.
Although Synovate's figures show that footfall is robust that is not to say that this inevitably follows through to sales, with conversion rates still fluid. Denison says: "We can see from our traffic and transactions data that shoppers will spend if the product that they are looking for is at a suitably irresistible price point and if the service is appropriate. The fact is that for some consumers their levels of disposable income are up by as much as 20% in 2009, largely due to lowering interest rates on home loans."