Holiday Spending at Small Businesses Could Reach $88 Billion
illustration of a small business

Holiday Spending at Small Businesses Could Reach $88 Billion

With Halloween just a weekend away, the focus will quickly be shifting to the holiday season. For small business owners, that likely means looking forward to a surge in sales, including from retail holidays such as Small Business Saturday. On that note, a recent survey highlighted potential good news for smaller retailers, even amid inflation and economic worries.

According to a survey from Intuit QuickBooks, consumers intend on spending 40% of their holiday budget at small businesses this shopping season. This extrapolates to an estimated $88 billion in small business spending.

Despite continued economic concerns and shaky consumer confidence, small businesses surveyed expressed optimism for the holidays. In fact, 70% of respondents reported forecasting greater revenue this winter than in the previous yuletide season. That said, there’s also more pressure on this shopping season, with 80% of businesses surveyed stating that this year is more important to their overall financial health than 2021.

Unfortunately, while sales may be stronger this holiday season, small business owners are also bracing for some headaches. Of those surveyed, 70% of business owners expect to encounter inventory or product issues. Moreover, 90% are anticipating problems with shipping and fulfillment. Additionally, businesses ranked hiring and supply chain concerns as the biggest factors that could potentially impact their holiday revenue.

Commenting on the survey results while adding a personal anecdote, Long Dog Clothing Company founders Anthony and Courtney Bui told Intuit, “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.”

Offering some advice to entrepreneurs as the holiday season approaches, QuickBooks Commerce VP Shilpa Reddy said, “To capture consumer spend, small businesses should embrace selling online across multiple sales channels, staying ahead of the game in procuring and effectively managing inventory, and delivering seamless shopping and shipping experiences.”

Following some challenging years for small business owners (and all Americans, for that matter), retailers could really use a successful 2022 holiday season. While there are plenty of obstacles that could get in the way of that, the good news is that shoppers do seem willing to spend a good amount of their budgets at smaller retailers this year. Of course, small businesses can also help spur such spending by participating in Small Business Saturday, spotlighting their offerings, and more. With that, hopefully when the new year arrives, small businesses will be able to look back at what was a successful 2022 shopping season.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...