Small Business holiday shopping is back, and maybe changed forever
A sign in Walnut Creek bakery, California that says “Thanks for supporting this local business” is displayed on a glass. It was placed in the bakery’s Walnut Creek location from September 15-2021. Photo courtesy Sftm. (Photo by Gado/Getty Images).
Gado | Archive Photos | Getty Images
Momentive Small Business Survey.|Momentive Small Business Survey.
A third of Americans reported that they will patronize small businesses on Small Business Saturday in 2020. Support for local businesses pre-pandemic was greater, even though it had fallen: 44% and 39% respectively in 2018/2019.
Laura Wronski (senior manager, research science), said that while Small Business Saturday is still loved by consumers, it does not have the same buzz as previous years. MomentiveAn email was sent by. Small Business Saturday is a rare day when people are most enthusiastic about shopping, but few plan on spending the most.
The new surveyThe study was done among 2,744 adults and took place from Nov. 10, 2021 to Nov. 12, 2021.
Momentive poll respondents – more than half, 59 percent|Momentive survey say they aren’t excited to shopBlack Friday, Small Business Saturday, or Cyber Monday. This is a decrease of 65% from 2020 but still consistent with 2018 (59%) and 2019. Small Business Saturday has the lowest excitement with just 8% of the respondents saying they are looking forward to it. 7% of Americans say they intend to spend more on Small Business Sunday.
Momentive survey.|Momentive survey. This survey shows that 72% have reported price increases over the past 3 months. There are also low inventory notices (62%), staff shortages (55%), and delays in shipping (51%).
Wronski observed that Wronski also noted this in some other recent polling conducted by MomentiveAccording to the study, nearly 40% of Americans plan to start holiday shopping in October. Additionally, those most worried about supply chains were likely to be the first to go.
Wronski stated, “There is no doubt that supply chain shocks as well as fears of inflation have disrupted holiday shopping habits.”
This is a concern that small-business patrons are particularly concerned about. Americans who shop at Small Business Saturday will be more worried about supply chains (48% vs. 42% for those who do not plan on shopping on Saturday).
Small-business shoppers shop online more often than ever before, and online shopping is associated with a higher degree of supply chain concern: 60% of Small Business Saturday customers who intend to buy online say that they are concerned about not getting what they want.
A lot of people are deliberately getting ahead on holiday shopping so they won’t be disappointed. Wronski said that while it is one thing to expect a brand new sofa to arrive in the next few months, it is quite another to have to tell your children why Santa won’t be coming before January.
Small Business Saturday shoppers plan to shop in-person (71%), and eat out (67%) at the small business. However, ecommerce is becoming more popular. 35% of Small Business Sunday shoppers said they would buy online.
The percentage of holiday shoppers who prefer online shopping has increased to 46% from 38% in 2018, and 40% this year. Meanwhile, 25% say that they intend to spend more on the internet, while 25% say that they will spend more in-person. The remaining 32% said they would spend online or in-person equally.
Amazon Prime subscribers are up from 56% to 67% in 2018, according to this survey.
Wronski said that “online shopping is now the default shopping experience for consumers” and was even more so post-pandemic. “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.”
The majority of high-income earners, middle-aged people, and those earning more than $100,000 are likely to visit small businesses on Small Business Saturday. Only 40% said they would shop at small businesses, while only 25% of those with less than $50,000 were.
Momentive’s survey shows that there is more support for local businesses in 2021. For example, 30% of Black Americans will patronize small businesses, up 24% from 2020. 27% of 18-24-year-olds plan to visit small businesses, up 21% from 2020. 39% plan to go to small business Saturday with those earning between $59,000 and $99,000, an increase from 33%.|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.