In the short term, demand will taper off again, Waldrop predicted, because of lower consumer confidence levels.

FORBES: Mad Cow Case Kicks Beef Industry When It's Down

While rising food and energy costs are forcing consumer sentiment metrics lower, with the University of Michigan consumer confidence index hitting a 16-month low in March and probably heading lower, according to Capital Economics, consumers have managed to weather the storm and keep spending going.

FORBES: Don't Expect Consumer Resilience To Rising Gas Prices To Last

The low footfall rates for Scotland in February are a reflection of low levels of consumer confidence and lower levels of sales growth, according to SRC director Fiona Moriarty.

BBC: Shopper