The big annual shopping events are coming up this weekend—Black Friday, Small Business Saturday and Cyber Monday—but a majority (65%) of small retail businesses expect that they will lose sales to big businesses and online giants, according to new data by the Canadian Federation of Independent Business (CFIB).
Gary Barnes
Small Business Saturday, which falls on November 25 this year, is presented by CFIB in partnership with American Express to encourage Canadians to shop local during the lead-up to the holidays.
“Consumers have the wrong assumption that only big businesses offer lower prices. In fact, over two in five small retailers will be offering sales and special offers this weekend to celebrate Small Business Saturday. You can still shop small and save money,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB. “And shopping small benefits us all—66 cents of every dollar spent at a small business stays in the local economy, compared to only 11 cents per dollar spent at a multinational.”
The CFIB said a public opinion poll conducted by Angus Reid Group revealed that 40% of consumers plan to spend less this holiday season compared to last year. A third (34%) indicated they plan to do more of their holiday shopping at large retailers this year, compared to just 16% who will shop more at small retailers. Nearly half (46%) of small retail businesses are counting on holiday sales to end the year in the black.
“With high costs of groceries, utilities and rent, it’s not surprising that many consumers are looking to cut spending this holiday season. But this is all the more reason to make every purchase count,” said Ryan Mallough, Vice-President of Legislative Affairs for Ontario at CFIB. “We encourage everyone to kick off this holiday season by supporting local.”
“We are proud to sponsor Small Business Saturday, a celebration of independent businesses and the impact of shopping small on our local communities. At American Express, we believe in the power of small business to drive our local economies. We encourage everyone to spread the holiday spirit right in their own neighbourhood by visiting their favorite small business or discovering a new spot to support,” said Kerri-Ann Santaguida, Vice President and General Manager of Merchant Services, American Express Canada.
Visit SmallBusinessEveryDay.ca for more information about Small Business Saturday, including free tools and resources.
Meanwhile, the CFIB said the federal government should not make things worse in its 2023 Fall Economic Statement, which is being released Tuesday (November 21) and implement policies that would help struggling small businesses.
“The future is not looking bright for many small businesses who are getting squeezed by rising costs on all fronts. Between high interest rates, pandemic debt loads, weak domestic demand and labour shortages, business owners haven’t had a normal month of sales in over three years,” said CFIB’s President Dan Kelly. “We’re urging the government to do more to help small business owners and not put the future of viable businesses at risk.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list
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