New Year shopping slows

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.