SUPPORTING BUSINESSES

Holiday spending trends: Small business experts and consumers weigh in on what to expect for 2021

2 Minute Read

With the 2021 holiday shopping season kicking off, Union Bank recently brought together a group of small business experts in Los Angeles to discuss holiday spending trends and expectations among consumers and retail businesses.

Group of small business experts in Los Angeles to discuss holiday spending trends

The virtual webcast event -- Road to Recovery: What’s in Store for Holiday Spending? – can be viewed in its entirety through this link.

The discussion among local business experts was fueled by data collected in a holiday spending survey conducted by Union Bank. Trends and findings in the survey include:

  • This year, nearly half of consumers are planning to shop earlier than normal, with most shoppers planning to shop before mid-December.
  • This holiday season, it may be harder for small businesses to keep up with consumer demands as they navigate ongoing supply chain issues, labor shortages and inflation fueled by COVID-19.
  • Nearly a quarter of Americans say inflation is likely to have – or already has had – an impact on their ability to spend this holiday season.
  • However, despite the challenges small businesses are facing, support remains strong, with 83% of consumers saying that holiday shopping with a small business is money well spent.

Full details on the survey and its findings are available here.

 

Written by Erik Battenberg