Seventy-two Per Cent of Canadian Small Businesses Say the 2022 Holiday Season Is More Important to Overall Financial Health Compared to 2021, Reveals New Intuit QuickBooks Report
There is a potential
The results of the new Intuit QuickBooks Holiday Shopping Survey, which surveyed 1,700 Canadian consumers and 700 Canadian small businesses, also highlight how fragile consumer confidence and demand for competitive pricing could spoil the holiday season for retailers. If the economy worsens this year, 84 per cent of Canadian consumers plan to reduce their holiday spending. This comes at a time when inflation is making consumers more price-sensitive, with 67 per cent of consumers planning to buy fewer gifts for friends and family to mitigate financial impact.
Small businesses have faced a tough year, with increased shipping costs, supply chain issues, and labour shortages. To help encourage consumers to support local retailers, and help small businesses meet their holiday sales, QuickBooks created a
“The holidays are vital to many Canadian small businesses, as the season can drive up to 65 per cent of their annual revenue,” said
What Canadian consumers are wishing for this season
When it comes to what Canadians are looking for this year, QuickBooks made a list – and checked it twice – of a few key consumer habits for small businesses to watch:
- Online expectations are high: More than seven out of 10 consumers want small businesses to make it easy for them to buy online this holiday season. They will spend more money at small businesses with guaranteed deliveries and returns, quick and easy checkouts, and price-match guarantees.
- In-store purchases still matter: 52 per cent of consumers say they will spend even more money at small businesses in-person that offer holiday promotions and discounts.
- Social media shopping carts: One of the top sources consumers are purchasing small business products from is through social media marketplaces (36 per cent currently buy this way).
- The most wonderful (shopping) time of the year: While September, October, and November are when the majority of consumers are doing holiday shopping, Black Friday remains the most popular shopping day among Canadians. Start marketing and advertising now to make the most of the peak shopping period.
How small businesses can unwrap success this season
This year, Canadians are seeking a simple and seamless experience when buying online for loved ones with quick and easy checkouts, guaranteed deliveries and returns, as well as up-to-date inventories all top of mind. As holiday shoppers finalize their lists, they’re turning to small businesses as the go-to destination to secure the perfect, unique holiday gift. Small business owners can unwrap success by equipping their business with the right tools and resources. The QuickBooks Holiday Hub offers expert advice and step-by-step guides on effective marketing strategies, managing employees, and more that small businesses need in order to prepare for the busy season and make holiday shopping merry and bright.
About the study
Intuit QuickBooks commissioned online surveys, completed in
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