72% of SMBs say the 2022 holiday season is more important to their financial health than 2021: Intuit Study

As inflation levels remain high and consumer confidence becomes more fragile, new research shows that 84% of Canadians plan to reduce their spending this year if the economy worsens, while 72% of small businesses in Canada say the 2022 holiday season is more important to their financial health than last year.

The results of Intuit QuickBooks Holiday Shopping Survey reveals holiday spending with Canadian small businesses could hit up to $10 billion if consumers shop local – leaving the fate of small businesses riding in the hands of Canadians shopping from local businesses.

What consumers are wishing for this year: 

  • More than seven out of 10 consumers want small businesses to make it easy for them to buy online this holiday season. They will spend more money at small businesses with guaranteed deliveries and returns, quick and easy checkouts, and price-match guarantees.
  • 52% of consumers say they will spend even more money at small businesses in-person that offer holiday promotions and discounts. 
  • 36% of consumers are purchasing products from small businesses through social media marketplaces.

To help Canadian small businesses succeed during the most important sales season, Intuit QuickBooks has created a gift guide featuring Canadian small businesses from coast-to-coast that consumers can support. 

In addition, with small businesses relying on the holiday season to produce up to 65% of their annual revenue, Intuit QuickBooks has curated resources and tips in The QuickBooks Holiday Hub to help small businesses unwrap success this year.

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