Economic downturn seen in the UK with inactive high-street chains

Clutching bags of purchases, sounds of hundreds of people moving around, people rummaging in stores, and a long queue of bargain hunters. At first glance, it appeared as though everything had returned to the pre-pandemic days on Boxing Day, when trouble had not yet struck paradise.

But everything, like they say, is not always what it seems, because upon longer and closer inspection, several flagship stores still sit abandoned in high-street chains. Despite relatively increasing foot traffic in these areas, stores like Marks & Spencer, Poundland, Home Bargains, and supermarket branches like Aldi, Iceland, and Waitrose stayed closed, according to The Guardian.

Additionally, according to SkyNews, foot traffic decreased by 20% on Christmas Eve this year compared to last year, and research suggested that people were going to spend 40 pounds less this time, with a major contributing factor being the rising cost of living.

Economic Downturn?

As Boxing Day sales begin across the UK, there are concerns that shopping hasn't returned to pre-pandemic levels as the cost of living crisis continues.

Sky's @Mollie_Malone1 reports live from Oxford Street, where the queues are yet to form.https://t.co/IEtoSH0EcH

📺 Sky 501 pic.twitter.com/9pmKO63fOn

— Sky News (@SkyNews) December 26, 2023

X users voices their concerns

Shortly after SkyNews broke the story, a number of people expressed their worries on X about the economic crisis and how shopping in places like Oxford Street could be the last thing on their minds.

One X user expressed a satirical outburst in the comments section, mockingly pointing out that the victims in this case are not the people who are struggling to put food on the table, but rather the corporations and their profit margins.

Oh no, the crowds of consumers haven't yet descended upon the shops to engage in the sacred ritual of post-Christmas consumerism. Whatever shall we do? It's almost as if people are more concerned with putting food on the table and keeping a roof over their heads than they are…

— Joe (@JoeMaristela) December 26, 2023

Meanwhile, one X user claimed that it is difficult to find money for shopping when one’s energy bill is outrageously high.

When your energy bill is £26890999900 a month it’s hard to find money to go shopping

— Jodie Turner (PUSB) 🩵🤍 (@thejodiefry) December 26, 2023

In breaking down the situation, another X user said that people’s disposable income for non-essentials has decreased due to the rising cost of living and rising mortgage rates, which is why there has been a decline in shopping.

Simple math involved here… cost of living crisis and increased mortgage costs means ppl have less disposable income to spend on non essentials… hence the decrease in shopping levels. It’s very simple really.

— DerryMan01 (@Derry_Man_1) December 26, 2023

After receiving enormous utility bills and having to pay more for every public service, another X user stated that shopping is the last thing on their minds.

When we’ve got huge utility bills and every public service demanding more money, the last thing on our minds is supporting Oxford street. Shops should be blaming the companies that have been given a free reign by the government to take our money.

— phil_1965 (@phil_1965) December 26, 2023

A furious X user also lost control, claiming that Christmas was difficult for him alone and that driving into town to shop for Boxing Day sales is the last thing on his mind.

Well, what the f**k do they expect when bills, food and everything you pay for has risen in price and wages haven’t………Christmas was a struggle alone, the last thing I’m thinking about is driving into town to hit the shops for the Boxing Day sales.

Get a grip on reality !!!

—  𝕄𝕒𝕥𝕥 ℂ𝕝𝕒𝕣𝕜𝕖 🎮🕹 (@GamerDadOnX) December 26, 2023