Press release
Intuit QuickBooks Survey Reveals Consumers Plan to Spend Almost Half of Holiday Budgets with Small Businesses, Representing a $125 Billion Opportunity
Despite Economic Uncertainty, Consumers Plan to Increase Small Business Spend by 42% Year-Over-Year MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- A new Intuit
About this update from Intuit Inc.
[{"type":"text","content":"\nDespite Economic Uncertainty, Consumers Plan to Increase Small Business Spend by 42% Year-Over-Year\n\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nA new Intuit QuickBooks survey shows that 42% of US consumers - or an estimated 109 million people - expect to spend more this holiday season compared to last year, with nearly half of consumers expected to do 50% or more of their shopping at small businesses. These findings and more are highlighted in the QuickBooks Holiday Shopping Report, commissioned by Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp.\n\n\nOverall, total consumer spending at small businesses is expected to jump by 42% compared to last holiday season, as nearly 3 in 5 consumers believe shopping at small businesses offers a less stressful experience than shopping at big retailers. This is true despite volatility in the market and a climate where inflation and interest rates continue to fluctuate.\n\n\nThe survey of 6,500 U.S. adults underscores the optimism among consumers going into the holiday season, shedding light on the opportunities ahead for small business owners and what they can do to capture consumer spending.\n\n\nConsumers Eager to Increase Small Business Spend\n\n\nAccording to the findings, the majority of consumers are in the giving spirit this year, as 94% of respondents plan to buy gifts this holiday season. For many consumers, shopping small will be a priority as they expect to spend roughly $485 at small businesses this season compared to $342 last year.\n\n\nWhat’s driving this increase in holiday spending and support of shopping small? Work bonuses and savings.\n\n\nMore than a third of respondents (34%) are expecting a holiday bonus and of these, more than two-thirds (69%) say this will encourage them to spend more money at small businesses. Further, nearly three-quarters (70%) of consumers shared that they began saving for their holiday gift shopping in September of this year or earlier.\n\n\n“Our research shows that consumers want to support small businesses - and plan to spend 42% more with them in total this season compared to last - but there are some key factors that business owners should evaluate in order to maximize their sales and win customers during the holidays,” said Joseph Black, Director ...