The week of March 7 saw the 'most severe' decline in weekly retail foot traffic 'that wasn’t directly tied to COVID waves or holiday calendar shifts'
During the week of March 7, retail visits nationwide dropped by 4.3% compared with the same period three years ago, according to data from analytics firm Placer.ai.
"Although consumers had largely shrugged off price inflation over the past several months – perhaps due to mass merchants and larger format grocers’ willingness to keep price increases in check – the spike in gas prices appears to be having a marked impact," according to the report. The national average has continued to rise since the beginning of the year due to strained supply and increased demand, according to Edmunds.
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