NEW YORK – From Goldman Sachs 10,000 Small Businesses Voices:
Goldman Sachs 10,000 Small Businesses Voices has released a new Small Business Pulse Poll finding that small business owners across the United States are getting squeezed this holiday season, even as revenue and sales for larger businesses hit record highs.
“Small businesses are the backbone of America. Yet, as we enter this holiday season, we are finding it harder than ever to succeed,” said Janice Jucker, president and co-owner of Three Brothers Bakery and member of Goldman Sachs 10,000 Small Businesses Voices National Leadership Council. “As our economy teeters on the brink of a recession, it’s more important than ever that Washington provide small businesses with the resources we need not just to get by, but to get ahead.”
Key small business pulse poll findings include:
- Inflation is the Grinch that stole holiday profits from small business owners in 2022. Compared to last year, more than half (52%) of small business owners say that their profitability has not met expectations. Even while an overwhelming 79% have increased prices compared to last year.
- 40% said that demand has decreased compared to last year, with 33% saying it has stayed the same.
- 84% of those surveyed believe bigger retailers have a competitive advantage this holiday season due to their ability to better withstand inflationary pressures and offer lower prices.
- Inventory planning remains a challenge for small businesses with 27% reporting that they currently have excess inventory for current demand.
“Small business owners across America are doing more with less this holiday season,” added Joe Wall, national director of Goldman Sachs 10,000 Small Businesses Voices. “It’s critical that Washington meet their needs, and we are committed to ensuring that the voices of small business owners are heard at the highest levels of our government.”
The new Small Business Pulse Poll released today surveyed 331 small business owners in the consumer product retail/wholesale, food and beverage retail/wholesale, and hospitality/restaurant sectors to capture their sentiments this holiday season. The poll was conducted Dec. 1-7. Despite raising prices and seeing decent demand, small businesses are still being hurt in an increasingly difficult economy.
