The 5th Annual State of Small Business Survey by Verizon Business revealed a significant trend: 52 percent of small and medium-sized businesses (SMB) and retailers are gearing up for an in-store holiday season. This marks a notable 13-point increase from the previous year, indicating a growing shift towards in-store holiday preparations.

SMB retailers are eyeing potential business opportunities, with 59 percent anticipating increased demand on Small Business Saturday and a significant 73 percent expecting a surge in sales throughout the entire holiday season.

On behalf of Verizon Business, Morning Consult conducted the survey between August 11 and September 2 among a national sample of 621 SMB retailers and decision-makers across industries.

Other key findings include

  • Concerns about having effective social media and marketing strategies prepared before the Holiday season increased from 22 percent to 33 percent. Similarly, concerns about ensuring a robust digital presence to attract customers have risen from 22 percent to 33 percent since 2023. In contrast, concerns over supply chain issues continue to trend down for the second consecutive year, dropping to 32 percent in 2024, compared to 36 percent in 2023 and 44 percent in 2022.
  • Female SMB owners are more likely than males to anticipate longer working hours (43 percent of females vs. 36 percent of males), reduced spending on family and friends (31 percent of females vs. 25 percent of males) and challenges in balancing work with spending time with their kids this holiday season (24 percent of females vs. 17 percent of males).
  • Food and beverage SMBs are primarily concerned about supply chain issues (42 percent), adequate staffing (46 percent) and pricing goods correctly (49 percent) during the holidays. In the restaurant and bar industry, adequate staffing (45 percent) is the top seasonal concern.
  • More SMBs (39 percent) use social media “storefronts” or “shops” to enable customers to purchase products or services directly through these platforms, marking an 8 percent year-over-year increase. Additionally, 84 percent of SMBs use Facebook to promote products and engage with customers.

Image courtesy Biltmore Estate