Intuit QuickBooks Report Reveals Small Businesses Project a Third of Yearly Revenue from Holiday Sales as Consumer Spending Expected to Decrease by 34%
A new Intuit QuickBooks report reveals that consumer holiday spending is projected to reach $211 billion, a 34% year-over-year decrease due to rising costs and inflationary pressures. Small businesses project 33% of their total yearly revenue from seasonal shopping this year, with 61% saying holiday revenue is key to their success.
Despite the expected downturn, 93% of consumers plan to shop small this season, representing a $76 billion opportunity for small businesses. Consumers are expected to spend an average of $294 at small businesses, down 40% from last year.
To maximize revenue potential, QuickBooks and Mailchimp recommend small businesses offer targeted discounts, focus on marketing via email and in-store promotions, leverage social media platforms, use AI for targeted campaigns and inventory management, and ensure inventory availability before peak shopping days like Black Friday and Small Business Saturday.
Un nuovo rapporto di Intuit QuickBooks rivela che la spesa dei consumatori durante le festività è prevista raggiungere i 211 miliardi di dollari, con una diminuzione del 34% rispetto all'anno precedente a causa dell'aumento dei costi e delle pressioni inflazionistiche. Le piccole imprese prevedono che il 33% del loro fatturato annuo totale provenga dallo shopping stagionale quest'anno, con il 61% che afferma che i ricavi delle festività sono fondamentali per il loro successo.
Nonostante il previsto calo, il 93% dei consumatori prevede di sostenere le piccole imprese in questa stagione, rappresentando un'opportunità di 76 miliardi di dollari per le piccole attività. Si prevede che i consumatori spenderanno una media di 294 dollari presso le piccole imprese, un calo del 40% rispetto allo scorso anno.
Per massimizzare il potenziale di guadagno, QuickBooks e Mailchimp raccomandano che le piccole imprese offrano sconti mirati, si concentrino sul marketing via email e promozioni in negozio, sfruttino le piattaforme di social media, utilizzino l'AI per campagne mirate e gestione dell'inventario e si assicurino che ci sia disponibilità di inventario prima dei giorni di maggiore affluenza come il Black Friday e il Small Business Saturday.
Un nuevo informe de Intuit QuickBooks revela que se proyecta que el gasto de los consumidores durante las festividades alcanzará los 211 mil millones de dólares, una disminución del 34% en comparación con el año anterior debido al aumento de costos y presiones inflacionarias. Las pequeñas empresas proyectan que el 33% de sus ingresos anuales totales provendrá de las compras estacionales este año, con un 61% señalando que los ingresos de las festividades son clave para su éxito.
A pesar de la caída esperada, el 93% de los consumidores planea comprar en pequeñas empresas esta temporada, lo que representa una oportunidad de 76 mil millones de dólares para estas. Se espera que los consumidores gasten un promedio de 294 dólares en pequeñas empresas, un descenso del 40% respecto al año pasado.
Para maximizar el potencial de ingresos, QuickBooks y Mailchimp recomiendan que las pequeñas empresas ofrezcan descuentos específicos, se enfoquen en el marketing a través de correos electrónicos y promociones en tienda, aprovechen las plataformas de redes sociales, utilicen inteligencia artificial para campañas específicas y gestión de inventario, y aseguren la disponibilidad de inventario antes de los días de compras más intensos como el Black Friday y el Small Business Saturday.
Intuit QuickBooks의 새로운 보고서는 소비자 휴가 지출이 2110억 달러에 이를 것으로 예상된다고 밝히며, 이는 상승하는 비용과 인플레이션 압력으로 인해 전년 대비 34% 감소하는 수치입니다. 중소기업은 올해 계절 쇼핑에서 총 연간 수익의 33%를 예상하고 있다고 전하며, 61%는 휴일 수익이 성공의 핵심이라고 응답했습니다.
예상되는 하락세에도 불구하고, 93%의 소비자가 이번 시즌에 중소기업에서 쇼핑할 계획이며, 이는 중소기업에 760억 달러의 기회가 된다고 합니다. 소비자들은 중소기업에서 평균 294 달러를 지출할 것으로 예상되며, 이는 지난해보다 40% 감소한 수치입니다.
수익 잠재력을 극대화하기 위해 QuickBooks와 Mailchimp는 중소기업이 타겟 할인 혜택을 제공하고, 이메일 마케팅과 매장 프로모션에 집중하며, 소셜 미디어 플랫폼을 활용하고, AI를 이용해 타겟 캠페인 및 재고 관리에 나서며, 블랙 프라이데이와 스몰 비즈니스 세러데이와 같은 피크 쇼핑 전날에 재고 가용성을 보장할 것을 권장합니다.
Un nouveau rapport d'Intuit QuickBooks révèle que les dépenses des consommateurs pendant les vacances devraient atteindre 211 milliards de dollars, soit une baisse de 34 % par rapport à l'année précédente en raison de l'augmentation des coûts et des pressions inflationnistes. Les petites entreprises estiment que 33 % de leur chiffre d'affaires annuel total proviendra des achats saisonniers cette année, 61 % considérant que les revenus des vacances sont essentiels à leur succès.
Malgré la baisse attendue, 93 % des consommateurs prévoient de soutenir les petites entreprises cette saison, représentant une opportunité de 76 milliards de dollars pour ces dernières. Les consommateurs devraient dépenser en moyenne 294 dollars dans les petites entreprises, soit une baisse de 40 % par rapport à l'année précédente.
Pour maximiser le potentiel de revenus, QuickBooks et Mailchimp recommandent aux petites entreprises d'offrir des réductions ciblées, de se concentrer sur le marketing par e-mail et les promotions en magasin, d'exploiter les réseaux sociaux, d'utiliser l'IA pour des campagnes ciblées et la gestion des stocks, et de s'assurer de la disponibilité des stocks avant les journées d'achat intensives telles que le Black Friday et le Small Business Saturday.
Ein neuer Bericht von Intuit QuickBooks zeigt, dass die Verbraucherausgaben während der Feiertage voraussichtlich 211 Milliarden Dollar erreichen werden, was einem Rückgang von 34% im Vergleich zum Vorjahr aufgrund steigender Kosten und inflationsbedingter Druck entspricht. Kleine Unternehmen erwarten, dass 33% ihres gesamten Jahresumsatzes in diesem Jahr aus saisonalen Einkäufen stammen, wobei 61% angeben, dass die Einnahmen der Feiertage entscheidend für ihren Erfolg sind.
Trotz des erwarteten Rückgangs plant 93% der Verbraucher, in dieser Saison kleine Unternehmen zu unterstützen, was eine Chance von 76 Milliarden Dollar für kleine Unternehmen darstellt. Es wird erwartet, dass Verbraucher im Durchschnitt 294 Dollar bei kleinen Unternehmen ausgeben, was einem Rückgang von 40% im Vergleich zum Vorjahr entspricht.
Um das Umsatzpotenzial zu maximieren, empfehlen QuickBooks und Mailchimp, dass kleine Unternehmen gezielte Rabatte anbieten, sich auf Marketing über E-Mail und Ladenaktionen konzentrieren, soziale Medien nutzen, KI für gezielte Kampagnen und das Inventarmanagement einsetzen und die Verfügbarkeit von Waren vor starken Einkaufstagen wie dem Black Friday und dem Small Business Saturday sicherstellen.
- 93% of consumers plan to shop at small businesses, representing a $76 billion opportunity
- Small businesses project 33% of their total yearly revenue from seasonal shopping
- 61% of small businesses say holiday revenue is key to their success
- 31% of shoppers plan to spend more at small businesses than before
- 52% of small businesses plan to sell on social media platforms this season
- Consumer holiday spending is projected to decrease by 34% year-over-year
- Average consumer spend at small businesses expected to drop 40% from $485 to $294
- 23% of consumers expect to spend less this holiday season due to rising costs
- Overall consumer holiday spending projected to reach $211 billion, down $85 billion from last year
Insights
The QuickBooks Holiday Shopping Report reveals significant challenges for small businesses this holiday season. With projected consumer spending down
However, there's a silver lining:
For Intuit (INTU), this report showcases the value of their QuickBooks and Mailchimp platforms in helping small businesses navigate challenging economic conditions. The emphasis on digital tools and AI-powered solutions aligns with Intuit's product offerings, potentially driving increased adoption and revenue for the company in the small business segment.
The projected
Key findings include:
- Average consumer spend at small businesses expected to drop from
$485 to$294 23% of consumers plan to spend less due to rising costs of essentials64% of consumers prioritize stores offering low prices and deals- Social media platforms becoming increasingly important for small business sales
The shift towards earlier holiday shopping preparations by both consumers and businesses indicates a changing landscape in retail strategies. The emphasis on email marketing, in-store promotions and social media engagement suggests a need for businesses to adapt their marketing mix to meet evolving consumer preferences.
Study uncovers how small businesses can prepare ahead of the holiday season to capitalize on the
Overall, consumer holiday spending is projected to reach
However, while total consumer spend is expected to be down, one positive outlook for small businesses this season is that consumers remain loyal to supporting and shopping small. The report found that
“Small business owners like myself plan for a big portion of their yearly revenue to come in during the holiday season,” said Donyale Walton, Founder of Hoop Mobb Accessories. “We're not backed by big investors or a big brand name with a huge advertising budget, we're a small team of everyday people connecting with our customers daily. Having more customers shop with us during the holiday season steers the course of our business, and determines how much we can grow in the future.”
Small Businesses Are Getting Ahead - and so are Consumers
Recognizing that holiday sales play a vital role in small businesses' yearly revenue, and with the anticipated downturn in spending in mind, more than 2 in 5 business owners started preparing for the busy shopping season in September or earlier by increasing marketing efforts (
"Consumers are faced with tough financial constraints, and are increasingly looking for flexibility and convenience in how they shop and interact with businesses, as well as deals and offers to offset costs,” said Joseph Black, Director of Product Management, Accounting and Commerce, Intuit QuickBooks. “However, our research shows that despite plans to spend more conservatively, consumers want to support small businesses and
Here are some tips from QuickBooks and Mailchimp for small businesses to maximize their revenue potential:
-
Offer targeted discounts when possible: For small businesses looking to capture consumer spend, it is increasingly important to offer competitive prices and deals to compete with big box retailers. Sixty-four percent of consumers are prioritizing shopping at stores that offer low prices and deals, while
58% are looking for coupons and promotions to save money. -
Focus on marketing efforts via email, in-store promotions, and direct mail: Survey findings also revealed consumers’ preference for hearing about seasonal deals and offerings from small businesses, with
54% of respondents ranking targeted emails as their top choice, followed by in-store promotions (40% ), and direct mail (33% ). These rank above social media ads, text messages, and app notifications. With the help of marketing platforms like Mailchimp, small businesses can turn their marketing data into personalized messaging, using the most effective channels to reach customers with the right discount at the right time. -
Lean on social to remain competitive: When shopping at small businesses online, consumers are increasingly turning to the seller’s social media shop, with
63% of those surveyed sharing Facebook as their top social media platform for shopping, followed by Instagram (50% ), and TikTok (43% ). Small businesses are noticing this trend, with more than half (52% ) saying they plan to sell on social media platforms this season, above even their own website or ecommerce platform. -
Leverage the power of AI: Thirty percent of small businesses are turning to AI this holiday season to help create targeted email campaigns, personalize customer service or chatbots, and manage inventory. Meanwhile, nearly one in four (
23% ) consumers say they will use AI to help with holiday shopping, especially when it comes to finding deals. Small businesses should take this into account as they plan their marketing and SEO strategies, to increase the chances of customers finding their products or deals as they shop this holiday season. -
Ensure inventory availability before peak shopping days: Last year’s earlier-than-ever start to the holiday shopping season is driving consumers and small businesses alike to expect more of the same this year. While the report reveals that Black Friday (November 29) and Cyber Monday (December 2) will be the biggest shopping events, as
65% of consumers plan to shop on these days, more than a third (34% ) of consumers say they will also shop on Small Business Saturday (November 30). They plan to do an average of39% of their shopping on this day, so small business owners should ensure they have all the necessary tools in place to easily track their sales and inventory leading up to these key shopping days, to ensure they have enough product to meet consumer demand.
QuickBooks has created a special holiday hub to provide small business owners with the tools and resources they need to thrive and grow. For more information, small businesses can visit here.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
Source: Intuit Inc.
Sample and methodology
Intuit QuickBooks Holiday Shopping Consumer Survey 2024
Intuit QuickBooks commissioned an online survey, completed in September 2024, of 5,500 consumers (adults aged 18+) throughout the US. Small business consumer spending estimates are based on a weighted average percentage of total spend budget each survey respondent indicated they planned to spend at small businesses this holiday season multiplied by the equivalent number of people in the US population based on the latest available data from the
Intuit QuickBooks Holiday Shopping Small Business Owner Survey 2024
Intuit QuickBooks commissioned an online survey, completed in September 2024, of 2,000 US consumers (adults aged 18+) who have income from employment or self-employment in three cohorts: respondents who identified themselves as small business owners with 1-100 employees (n=646), small business owners with no employees (n=715), and employees of a business who own a small business on the side (n=639). For clarity, percentages have been rounded to the nearest decimal place—so values shown in charts and graphics may not add up to
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015284500/en/
Intuit QuickBooks:
Jaymie Sinlao
Jaymie_Sinlao@intuit.com
Jen Garcia
Jeng@accesstheagency.com
Source: Intuit Inc.
FAQ
What is the projected consumer holiday spending for this year according to the Intuit QuickBooks report?
How much of their yearly revenue do small businesses expect from holiday sales in 2023?
What percentage of consumers plan to shop at small businesses this holiday season?
How much are consumers expected to spend on average at small businesses this holiday season?
What are the top social media platforms consumers use for shopping at small businesses according to the Intuit (INTU) report?
