Globally, small business owners worry that an unstable economy and consumer behavior shifts will jeopardize their fourth quarter sales and holiday success. Despite concerns, consumers express a desire to support small businesses.
A staggering 62% of consumers say that price will be a key factor in their holiday shopping decisions, while 52% plan to spend less at small businesses, a nearly twofold increase from last year's 27%.
While consumer price concerns rise, 39% of small business owners have raised their prices to cope, alongside 46% cutting expenses, limiting their marketing outreach during the crucial holiday season.
Among the small businesses that tracked their marketing efforts last year, many owners identified attempting too many things at once as their biggest mistake, indicating a clear need for improved efficiency.
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