The holiday season is an important time for any business, but especially for small businesses.
In their Small Business Report Now, marketing company Constant Contact reports that “50 percent of small businesses get at least one quarter of their annual revenue from holiday shoppers, and that number jumps to 73 percent for small businesses in the retail/ecommerce space.”
The impact of the holiday season on small businesses is also Recognized by the SBA, the Small Business Administration, and has been the inspiration for their latest campaign. Dubbed “Season of Small Business”, the campaign’s focus is to drive American consumers to shop at small businesses this Holiday season.
This campaign and push for consumers to focus on small businesses comes at the perfect time, as the Small Business Optimism Index published by the National Federation of Independent Businesses (NFIB) reports that small business owners are still pessimistic about the future, as this month “...marks the 23rd consecutive month below the 50-year average of 98.”
Yet despite the challenges small businesses are facing in many areas, there are also reasons to be hopeful about the end of the year and the start of 2024. According to Retail Dive, “Consumers spent a record $9.8 billion online on Black Friday, according to data from Adobe Analytics. That’s up 7.5% from last year."
With consumer spending up during Black Friday, a successful Small Business Saturday, and now the Season of Small Business campaign from the SBA, it seems the spotlight from both the government and consumers alike is shifting back to small businesses.