![]() ![]() When looking at the Yo4Y traffic data, four of the 10 best performing states on a Yo4Y were in the northeast – Connecticut, New Hampshire, Maine, and Vermont. ![]() Retail traffic was down 8.1% in March 2023 relative to March 2019, but the top five performing states all had Yo4Y visit gaps smaller than 2.1%, while the five worst performing states had visit gaps larger than 10.3%. You can drive foot traffic by sharing store openings, special in-store promotions, updated business hours, and specific products that are available in nearby. When comparing retail foot traffic to pre-pandemic levels, the regional differences were even more pronounced. The data also shows that seven of the 10 best performing states – Massachusetts, Rhode Island, Pennsylvania, New Jersey, Connecticut, New York, and Vermont – were in the northeast. Nationwide, March 2023 retail traffic fell 5.0% year-over-year (YoY) but in the five best-performing states, the YoY retail visit gap was smaller than 2.2%, and in the five worst-performing states, the YoY retail visit gap exceeded 7.4%. consumer spending.Ĭomparing retail traffic in March 2023 to March 20 on a state level reveals that, while the visit dip is a nationwide phenomenon, some states have been more impacted than others. Perhaps the higher interest rates – rather than the ongoing inflation – are finally beginning to impact U.S. ![]() Department of Commerce, month-over-month adjusted retail sales dipped in March, and foot traffic data shows that monthly retail visits in Q1 2023 were consistently below the January 2022 baseline. With the exception of a challenging September 2022, retail visits mostly increased steadily following the Omicron lows of the beginning of the year before peaking over last year’s holiday season.īut more recent retail traffic data seems to indicate that the economic headwinds are beginning to take a larger toll on consumer demand. Tough Start to 2023Īlthough inflation rates have been making headlines since early 2022, rising prices did not have an oversized impact on last year’s retail traffic. In Q3 2022, foot traffic recovered to almost 86 of pre-pandemic foot traffic, up from 82 in Q2 2022, according to data analyzed from Times Square District Management Association. With the first quarter of 2023 behind us, we dove into offline traffic data to understand how the ongoing economic headwinds are impacting the retail landscape. Retail foot traffic is one of the primary ways to measure whether certain strategies are effective, but it’s crucial to understand how and why people move through your locations. ![]()
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