Small-business owners are looking at an $88 billion opportunity during the holiday season — if they can navigate higher prices, supply chain headaches and inventory shortfalls.
“The holiday season is always the biggest time of the year for our business, but this year it is incredibly important for us to hit sales. Due to challenges in the marketplace such as higher supplier prices and supply chain issues, this holiday season is definitely a make or break for us,” said Anthony and Courtney Bui, founders of The Long Dog Clothing Co. in Torrance, California, in a press release announcing the survey findings.
"People just don’t have the financial wiggle room that they’ve had in the past couple of years, so many are being far more selective with their spending,” said."While in previous years, they might’ve been willing to get a little spendy to support their favorite local business, they may be a little reluctant to do that now." Small and medium-sized businesses have also raised prices, with about 78% saying they have done so to offset rising inflation.