Gephardt Busts Inflation: For many Utah businesses, your last-minute holiday shopping is crucial
Dec 19, 2022, 11:12 PM | Updated: Dec 20, 2022, 11:32 am
SALT LAKE CITY — Don’t underestimate the importance of the next couple weeks on the mom-and-pops in your neighborhood. While the holidays have always been a make-or-break time for small businesses, new data suggests this year could be especially tough.
“I think it’s more complex than ever this year,” said Brett Sussman, who leads the sales and marketing efforts for Kabbage — a company that helps businesses navigate some of the financial aspects of running a company.
Taking the pulse of small businesses, Kabbage found in its survey that “24% say their upcoming holiday sales will determine if their business can survive into next year.”
While one in four may seem like a shockingly high number, Sussman said he is not surprised.
“Small businesses are living on very thin margins these days,” he said.
The last couple of years has created a sort of perfect storm for businesses. During the pandemic, new small businesses were opening like crazy as people – forced to go home -re-evaluated ways to make money. And now, all those extra businesses are competing for our dollars already stretched extra thin due to inflation. All this, while they also have contend with increased costs of doing business.
Last month, Salt Lake City Mayor Erin Mendenhall spoke about the benefits of shopping small and shopping local.
“For every dollar you spend at a local business, 55 cents stays right here in the community,” she said.
That’s opposed to the 12 cents that stays locally for that dollar you spent at a national chain, according to the mayor.
