Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Small Business Saturday holiday shopping is back, and maybe changed forever

by
November 27, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

It’s possible the Jan. 6 committee refers a criminal case against Trump, Liz Cheney says

‘Minions: The Rise of Gru’ tops $108 million as parents flock back to cinemas, kids in tow

Sign on glass reading Thank You For Supporting This Local Business in a bakery in Walnut Creek, California, September 15, 2021. Photo courtesy Sftm. (Photo by Gado/Getty Images)

Gado | Archive Photos | Getty Images

Over one-third of Americans (34%) say they plan to shop on Small Business Saturday, a rebound from 2020, but spending during the holiday promotional day has not returned to the levels seen before the pandemic, according to a new CNBC|Momentive Small Business Survey.

In 2020, 30% of Americans said they would patronize a small business on Small Business Saturday. Pre-pandemic, support for local businesses was higher, if declining: 44% in 2018 and 39% in 2019.

“Of course, consumers still have some love for Small Business Saturday, but it doesn’t have the same hype that we might have seen in previous years,” Laura Wronski, senior manager of research science at Momentive, wrote in an email. “Few people say they’re the most excited to go shopping on Small Business Saturday, and few say they plan to spend the most money that day.”

The new survey was conducted Nov. 10 through Nov. 12, 2021 among a national sample of 2,744 adults.

More than half (59%) of respondents to the CNBC|Momentive survey say they aren’t excited to shop on either Black Friday, Small Business Saturday or Cyber Monday, down from 65% in 2020, but consistent with the pre-pandemic levels in 2018 (58%) and 2019 (59%). Small Business Saturday generates the least excitement, with 8% of respondents saying they’re looking forward to it, and 7% of Americans saying they plan to spend the most on Small Business Saturday.

The holiday season can be critical for small businesses. A recent survey from American Express, which created Small Business Saturday, found 78% of small business owners saying 2021 holiday sales will likely determine whether their businesses survive into next year. Amex data from last year estimated a total of near-$20 billion spent by shoppers with independent retailers and restaurants on Small Business Saturday, similar to the 2019 level of spending.

In a year during which supply chain issues and rising prices have become key economic concerns, the effect is being felt in the holiday season behavior tracked by the CNBC|Momentive survey. It finds 72% of Americans saying they’ve experienced price increases in the past three months, as well as low inventory notices (62%), staff shortages at local businesses (55%), and shipping delays (51%).

Wronski noted that in other recent polling conducted by Momentive, it found nearly four in 10 people in the U.S. were planning to start their holiday shopping in October, and that those who were the most worried about supply chain issues were the ones planning to get an earlier start on holiday shopping.

“There’s no doubt that both supply chain shocks and fears of inflation have disrupted consumers’ typical holiday shopping patterns,” Wronski wrote.

These fears are high among small business patrons specifically, with Americans who plan to spend on Small Business Saturday more concerned about the supply chain (48%) than Americans who don’t plan to shop on Saturday (42%).

Small business shoppers are buying online more than in the past, but making purchases online is correlated with an even higher level of supply chain concerns: 60% of Small Business Saturday shoppers who plan to make online purchases say they’re worried about getting the items the want.

“A lot of consumers have intentionally gotten an early start on their holiday shopping because they don’t want to be left empty handed at the holidays! It’s one thing to wait a few months for a new couch to be delivered; it’s another to try to explain to your kids why Santa isn’t coming until January,” Wronski wrote.

Shopping in-person (71%) and dining (67%) at a small business are the top two ways in which respondents plan to patronize a small business on Small Business Saturday, but the role of e-commerce has grown. Thirty-five percent of Small Business Saturday shoppers say they will buy online this year.

Among all holiday shoppers, the percentage who say they prefer to spend online has increased from 38% in 2018 to 46% this year, while 40% say they plan to spend more online, versus 25% who say they plan to spend more in person. Another 32% say they will spend equally online and in-person.

Amazon Prime subscribers have increased from 56% in 2018 to 67% of survey respondents this year.

On Black Friday, in-person consumer traffic was down.

“Online shopping really has overtaken brick-and-mortar retail as consumers’ default experience, and that is even more true post-pandemic than it was in 2019,” Wronski wrote. “What’s most interesting is how quickly people have adapted, and how much they’ve internalized some of the lessons of the pandemic — even when it comes to their shopping behaviors.”

Overall, high-income earners and middle-aged adults are most likely to shop at a small business on Small Business Saturday this year, with 40% of respondents whose household income is $100,000 or more saying they plan to patronize a small business, compared with about a quarter (26%) of respondents earning less than $50,000.

But the CNBC|Momentive survey shows increased support for local business in 2021 across multiple demographic segments: 30% of Black Americans plan to patronize a small business, up from 24% in 2020; 27% of adults aged 18 through 24 plan to patronize a small business, up from 21% in 2020; and 39% of those who earn between $50,000 and $99,000 plan to patronize a small business on Small Business Saturday, up from 33% in 2020.

ShareTweetPin

Related Posts

It’s possible the Jan. 6 committee refers a criminal case against Trump, Liz Cheney says

by
July 3, 2022
0

Committee Vice Chair Rep. Liz Cheney (R-WY) listens to testimony from Cassidy Hutchinson, who was an aide to former White...

‘Minions: The Rise of Gru’ tops $108 million as parents flock back to cinemas, kids in tow

by
July 3, 2022
0

In this article CMCSA "Minions: The Rise of Gru" is the sequel to the 2015 film, "Minions," and spin-off/prequel to...

Celsius Customers Are Losing Hope for Their Locked-Up Crypto

by
July 3, 2022
0

When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and...

Surging Fuel Costs Are Causing Demand Destruction, Says Vitol

by
July 3, 2022
0

Reuters Analysis: Hasty exit by Argentina's economy minister could deepen market crisis The abrupt departure of Argentina's economy minister and...

If You’ve Got Time, These Three Dividend Aristocrats Should Pay Off

by
July 3, 2022
0

If you're an investor with long time horizon, then you should meet these three high-growth Dividend Aristocrats. Dividend Aristocrats, as...

Next Post

Famed investor Jeremy Grantham says the next decline will be 'bigger and better' than anything in US history — here are 3 of his safe haven stock picks

Is NIIT the same as the ‘millionaire tax’?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Allbirds stock has plunged 50% in two months, now one top analyst says buy it

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com