As the threat of an economic downturn looms, many small business owners have become increasingly concerned about the impact of a potential recession on the critical holiday shopping season. These businesses often rely heavily on a winter sales bump to make ends meet. But this November, 73% of recently surveyed SMBs reported a sharp decline in consumer spending — and a record-breaking 41% were unable to pay their rent on time. What can small companies do to weather the storm and attract shoppers in a holiday season clouded by economic woes?
To explore this question, we surveyed a diverse group of 550 U.S.-based consumers and interviewed nearly 50 small business owners. And while more than half of the consumers in our study felt it was important to support their communities by buying holiday gifts at small, local businesses, only 18% said that they would be willing to spend more money…
