Nearly half of Canadian small business retailers are relying on the support of their communities to survive the holiday season, says new research from Intuit QuickBooks Canada
48% of Canadian small business owners in retail and hospitality say they need help from the community and customers through the holiday season, but only 18% of Canadian consumers are expected to be doing most of their holiday shopping from small businesses.
Intuit QuickBooks Canada released the results of a holiday sentiment survey showing that almost half of Canadian small businesses in retail and hospitality need the support of their communities to weather the holiday season.
This holiday season will be unlike any other as Canadian small business owners and consumers face increasing Covid-19 restrictions in recent weeks. And though small businesses are cautiously optimistic that they are better prepared this year (46%), they are faced with hurdles ranging from large retailer competition to cost-cutting consumers.
The research also reveals the stark shopping plans of consumers as holiday shopping begins. Despite nearly half (48%) of consumers expressing that they care more about small business survival than they did prior to Covid-19, only 18% are planning to shop small, and an overwhelming 50% of consumers are looking to large retailers to fulfill their holiday shopping lists.
Unquestionably, Covid-19 has hit both small businesses and consumers hard, with more than a third of consumers saying they are cost-cutting this year as a result. Small businesses know that big box brands are able to offer competitive prices that are appealing to consumers and 60% of small businesses say they just aren’t able to compete with those price points. But a little bit of support, in various forms right for your price point, can go a long way.
“It’s been a challenging year for all Canadians, but it’s becoming increasingly clear that small businesses are being hit particularly hard. Small businesses are telling us they need their communities to show up and support them to weather this storm, together. I’m urging you to support in any way you can, write a review, share the story of your favourite local shop, buy one gift or gift card from a small business or encourage your friends and family to support however they can. It makes a difference,” says David Marquis, VP & Country Manager of Intuit Canada.
This is a critical time for the local retail and hospitality businesses. They need help from fellow Canadians to be successful. Consumers say they want to support small businesses – now it’s up to all of us to show our support.
About the Survey:
Intuit QuickBooks Canada conducted a survey during November 2020 using Pollfish capturing key findings from at least 500 small business owners with 0-15 employees across the retail and hospitality industries in Canada, and 1,500 consumers across Canada to better understand how they feel about this holiday shopping season.
Originally posted on the Intuit QuickBooks Canada blog here.