TORONTO, ON –/COMMUNITYWIRE/– Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, today announced the findings from a new global survey by QuickBooks uncovering 2022 holiday shopping trends. The survey reveals that shopping local could make or break the holiday season for small business retailers, with 72 per cent of Canadian small businesses saying the 2022 holiday season is more important to their overall financial health compared to last year. However, holiday spending with Canadian small businesses could hit up to $10 billion if Canadian consumers shop small.
The results of the new Intuit QuickBooks Holiday Shopping Survey, which surveyed 1,700 Canadian consumers and 700 Canadian small businesses, also highlight how fragile consumer confidence and demand for competitive pricing could spoil the holiday season for retailers. If the economy worsens this year, 84 per cent of Canadian consumers plan to reduce their holiday spending. This comes at a time when inflation is making consumers more price-sensitive, with 67 per cent of consumers planning to buy fewer gifts for friends and family to mitigate financial impact.
Small businesses have faced a tough year, with increased shipping costs, supply chain issues, and labour shortages. To help encourage consumers to support local retailers, and help small businesses meet their holiday sales, QuickBooks created a Canada-wide Small Business Holiday Gift Guide.
“The holidays are vital to many Canadian small businesses, as the season can drive up to 65 per cent of their annual revenue,” said David Marquis, vice president and Canada country manager at Intuit. “Our findings show consumers love the quality and service they receive from small businesses, and more than 8 in 10 consumers plan to maintain or increase spending at small businesses when crossing items off their shopping list. This time of year presents an incredible opportunity for small businesses to meet consumers’ needs and take full advantage of the biggest shopping season of the year.”
What Canadian consumers are wishing for this season
When it comes to what Canadians are looking for this year, QuickBooks made a list – and checked it twice – of a few key consumer habits for small businesses to watch:
How small businesses can unwrap success this season
This year, Canadians are seeking a simple and seamless experience when buying online for loved ones with quick and easy checkouts, guaranteed deliveries and returns, as well as up-to-date inventories all top of mind. As holiday shoppers finalize their lists, they’re turning to small businesses as the go-to destination to secure the perfect, unique holiday gift. Small business owners can unwrap success by equipping their business with the right tools and resources. The QuickBooks Holiday Hub offers expert advice and step-by-step guides on effective marketing strategies, managing employees, and more that small businesses need in order to prepare for the busy season and make holiday shopping merry and bright.
About the study
Intuit QuickBooks commissioned online surveys, completed in September 2022, of 12,700 respondents in Canada, the US, and UK, comprising 9,700 consumers (adults aged 18+) and 3,000 small businesses (up to 100 employees). In Canada, there were 2,400 respondents: 1,700 adults and 700 small businesses. Census data weightings were used to ensure the responses are as representative as possible. The small business sample excludes businesses that do not consider the holiday season to be important to their overall annual performance. The majority of the small businesses are product-based (60%) with an average annual revenues of $912,000. The average number of employees per business is 27 in Canada. Percentages have been rounded to the nearest decimal place and responses were collected in online surveys using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification to ensure accurate targeting and results. Respondents received remuneration.
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