Jubilee weekend was a boost for high streets. But can it last as budgets are squeezed?

With boos ringing in his ears and a rebellion of MPs gathering pace, Boris Johnson may have been one of the few people not to have enjoyed the jubilee weekend.

The retail sector, on the other hand, enjoyed a far more fruitful few days of celebration. BRC data showed total UK footfall for the jubilee weekend rose by 6.9% compared to the average for May 2022. Thursday saw the best footfall figures, with a so-called “jubilee jump” leading to a 45.6% increase on last month’s levels as the public readied itself for a weekend of jollification.

High streets across the country saw solid growth of 3.1%, while London unsurprisingly also had a strong weekend, seeing footfall improve by 4.4% on May figures – no doubt due in part to the swathes of visitors hoping to catch a glimpse of the royal family.

As the cornerstone of street parties and celebrations, food and drink would no doubt have played a large part in this uplift. But it was a much-needed shot in the arm for the entire retail industry after a pretty glum few months of inflation and growing supply problems. “It was great to see so many people out celebrating and shopping at their favourite local destinations – a welcome boost for retail businesses reliant on store performance, particularly on the high street,” said BRC CEO Helen Dickinson. “We hope the momentum can continue despite the ongoing economic turbulence.”

The Queen’s Birthday Honours provided further cause for celebration in the food and drink industry. James Walker, joint MD of Walkers Shortbread, secured a knighthood for services to the food industry, while Iceland MD Richard Walker was awarded an OBE for services to business and the environment.

So, aside from a 20-person brawl at a street party in Leicestershire, the arrest of some anti-dairy protestors on the Trooping the Colour route in London, and a (unrelated) controlled explosion of a van in Trafalgar Square, the Platinum Jubilee was a great success.

But now comes the hardest part: the return to reality. Separate BRC figures from last week suggest confidence is still fragile among some shoppers – with visitor numbers to UK high streets, shopping centres and retail parks last month down some 12.5% on pre-pandemic levels.

As the trend of working from home continues, and concerns about the cost of living crisis rise, the BRC has warned there is no certainty any bounce in footfall from the jubilee will continue.

When you add these concerns to the ongoing challenges around supply, labour and costs, the outlook still looks bumpy, to say the least.

And any glimpse of government intervention may be a long way off. Because right now, all eyes (and minds) in Whitehall are on the leadership crisis. And Boris Johnson will likely be focused on saving one thing: himself.