politicsUSAWorld News

Shoppers expected to spend more on small businesses this holiday season: ‘It looks more prosperous than last year’


The National Retail Federation estimates that a record 166 million people will shop from Thanksgiving to Cyber ​​Monday.

Don Queen, owner of the Classic Toys store in Los Angeles, Calif., is getting ready for the holiday rush by stocking his shelves with toys from the past.

“It looks more successful than last year,” Queen said.

A recent survey shows that 63% of small retailers expect to see higher profits this holiday season, according to tech firm Capterra. It is estimated that more gift shoppers are likely to shop on Small Business Saturday than Black Friday this year, according to Bankrate.

The annual event dedicated to small businesses began in 2010. It’s a welcome relief for mom-and-pop stores that can’t compete with the sales of big-box retailers.

“Black Friday doesn’t get me much because everyone expects 50-80% discounts on things, which I can’t offer,” Queen said.

This is because small stores often have little leeway to make a profit. Diana Callahan, owner of Diana’s Boutique in Los Angeles, says people turn to boutiques like hers because they want unique items and personalized customer service.

“It’s the personal touch,” she said. “When people come in, we know them. We know their dogs.”

Ted Rossman, senior industry analyst at Bankrate, told CBS News that “people recognize how difficult it is to be a small, local retailer.”

“And a lot of people tried to keep them afloat,” he added.

Still, he warns that inflation will ultimately determine how small businesses perform over the holidays.

“Even if prices go up, that doesn’t necessarily mean profits go up because rent is probably more expensive, utilities are probably more expensive,” Rossman said. “They don’t want to shock their customers too much, but they also have to cover their own increased costs.”

However, some analysts warn this inflation will ultimately determine how small businesses perform during the holidays.

“Even if prices go up, that doesn’t necessarily mean profits go up because rent is probably more expensive, utilities are probably more expensive,” said Ted Rossman, chief industry analyst at Bankrate. “They don’t want to shock their customers too much, but they also have to cover their own increased costs.”

Whether you plan to do holiday shopping at small stores or large retailers, experts say finding the best deals requires doing your research, using an online price tracker, and checking to see if the store has a price matching policy. They say you might not want to hold out for too long because retailers have already slashed prices.


Grub5

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button