A new report by American Express and Small Business Saturday has said that small and independent retailers are understood to be looking towards the upcoming year with positivity, as expectations surrounding growth begin to rise.
According to the report, business growth was said to be rising 89 percent among the 253 small businesses surveyed, compared to last year’s growth of 59 percent.
Responding to the results, Dan Edelman, general manager of UK merchant services at American Express, said: “It’s clear that many independent businesses are not just holding their ground in the face of ongoing challenges, but are looking ahead with determination and optimism – ready to make the most of the upcoming festive period.”
While sentiments may be positive, respondents did identify a number of ongoing challenges they are currently facing, including the rising costs of goods and services (reported by 31 percent) and energy costs (30 percent).
Yet, in the face of these concerns, nearly half of the small business owners still said they were either “excited” and/or “confident” about the next six months.
They further shared “revenue-boosting tactics” for the coming holiday season, including creating in-store events, introducing exclusive products or services or collaborating with other businesses to help drive footfall – each of which had been favoured by around half of the surveyees.