March footfall rises as retailers brace for budget impact in April

New figures by MRI Software have shown an increase in monthly footfall in March, yet both retailers and consumers are bracing for the fallout of the government’s budget, changes from which were implemented at the beginning of April.

For the five-week period from March 2 to April 5, footfall rose 4.6 percent compared the month prior across all UK retail destinations. It was particularly driven by a 7 percent uptick in high street footfall, which was followed by a 4.3 percent in retail parks, both influenced by the fourth week of the month coinciding with payday and Mother’s Day. Shopping centre traffic fell 0.1 percent.

Despite a later Easter holiday timing, footfall was 2.6 percent higher for March compared to the same period last year, with all retail destinations seeing activity increase. The final week of the month particularly welcomed increased activity, with footfall rising 7 percent throughout the country.

Looking ahead, MRI said many retailers will be bracing for changes associated with the government’s budget. The data platform cited a report from Yoobic and Retail Economics, which said that while retailers are expected to absorb 1.76 billion pounds, around 1.72 billion pounds will be passed onto consumers via price increases. The remaining 2.08 billion pounds of the 5.56 billion bill is likely to be invested by retail leaders through cost optimisation projects, the report noted.