” found that consumers are pulling back on spending this year — shoppers are expected to spend $85 billion less versus last year, a 34 percent year-over-year slump.owners was commissioned by Intuit and projects that while consumers spending will amount to $211 billion, 23 percent of consumers expect to spend less this year.
“To capture this desire to shop small, business owners should leverage digital tools to effectively manage inventory so they can ensure they have enough product to meet consumer demands, tailor their marketing so they’re reaching shoppers with deals and offers where they’re looking most and leverage AI-powered tools to streamline day-to-day operations and optimize their selling potential,” Black said.
The report also found that a main driver in this support for SMBs is emotionally driven with 47 percent of consumers specifically citing affinity for supporting their communities and SMB owners’ entrepreneurial success. Another major factor cited by 52 percent of consumers is that shoppers are looking to find unique and high-quality gifts.
“Small business owners like myself plan for a big portion of their yearly revenue to come in during the holiday season,” said Donyale Walton, founder of Hoop Mobb Accessories. “We’re not backed by big investors or a big brand name with a huge advertising budget — we’re a small team of everyday people connecting with our customers daily. Having more customers shop with us during the holiday season steers the course of our business, and determines how much we can grow in the future.
“Consumers are faced with tough financial constraints and are increasingly looking for flexibility and convenience in how they shop and interact with businesses as well as deals and offers to offset costs,” Black said. “However, our research shows that despite plans to spend more conservatively, consumers want to support small businesses.”WWD. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google.