Source: Intuit QuickBooks Media source content
Intuit QuickBooks is out with their 2024 Holiday Shopping Report that offers a look into small business and consumer sentiment, a great tool for accountants to help counsel their clients for the coming months.
While the report indicates that consumer spending will be down, small business sentiment remains strong. Here are a few of the insights from the report that may be of interest to you:
1) To encourage more shoppers to shop small, 34% of business owners say they’re offering exclusive deals and discounts to customers and increasing their advertising efforts, with 28% homing in on providing great customer service.
2) Consumers are driven by a desire to support small and local businesses, as 66% say this contributes to their decision to spend more at small businesses this year.
3) Over half of small businesses are focusing their marketing efforts on social media platforms - even above their own eCommerce or third-party platforms.
4) Small Business Saturday has business owners feeling optimistic as they expect to earn an average of 39% of their total sales revenue on this day.
- 33% of small business owners expect to see a high sales volume on this popular shopping day, second only to Black Friday (36%).
- 82% say they expect to earn the same or more revenue in total holiday sales this year than they did last year — only 13% say they expect to earn less.