The latest figures from the Retail Footfall Index, for the first four days of last week, have shown a drop of 3.7 per cent compared to the same period last year, prompting some experts to suggest shoppers are holding off until retailers start slashing prices as they did last year.
The figures are a stark contrast to similar figures released by SPSL, which showed an increase of 0.01 per cent year-on-year, as reported by PC Retail.
Speaking about the results, Martin Davies from Experian said: "Many retailers had pinned their hopes on an interest rate cut to reignite shopper momentum but, although a reduction to 5.5 per cent was announced yesterday, previous experience shows that this is unlikely to have any immediate effect on consumers.
"With millions attending Christmas parties this Friday night and heavy rain predicted for Saturday, it is unlikely that this weekend will see the about-turn so desperately needed by the High Street. And, with many shoppers resolutely holding out on festive purchases until discounts arrive, it is possible that the stand-off between retailers and consumers will continue until even closer to Christmas."