Are you ready for the Holidays? It is right around the corner, and we are excited to see what Santa brings us this year. This year as inflation rises, more people will be waiting to see what deals they can capture on Black Friday and comparing prices by shopping online. Although many local vendors need our support more than ever. Will you bargain shop or shop local? Like many others, we will likely try to find a balance between the two. As an alternative, may opt for experiences this year instead of buying gifts.
QuickBooks recently released the Intuit QuickBooks Holiday Shopping Survey, showing that consumers plan to spend $815 per person ($211 billion nationally) on holiday shopping, but inflation is driving them to look for more online deals like Black Friday.
Some shopping statistics:
- 50% of those surveyed say they will spend more money at small businesses during the 2022 holiday season because they want to support their local economy, and 47% report they want to keep small businesses alive
- 80% of the small businesses surveyed say the 2022 holiday season is more important to their overall financial health than last year
- 70% of those surveyed predict inventory or product shortfalls, and 90% are experiencing shipping and fulfillment woes
- More than half of consumers’ shopping budgets are expected to be spent online, and 70% of consumers shopping more online due to inflation concerns
You can see the full report here from QuickBooks. We hope you have a great holiday season!
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