Small and independent retailers are much more optimistic this Christmas than they were last year, according to a new survey.
The annual survey of independent retail and hospitality business owners, on behalf of American Express and Small Business Saturday, found that 89% of owners expect their businesses to grow, compared to only 59% when the question was asked at the same time last year.
A major reason for the increased optimism may the hope that this winter will not be significantly disrupted by rail strikes. Strikes on what would normally be some of the year's busiest shopping days held back the retail sector last Christmas.
Retailers continue to see inflation as their biggest challenge, despite the rate of price rises falling sharply today. The costs of goods and services was the most commonly cited obstacle, followed by energy prices.
When asked what they might do differently this year compared to 2022, in-store events was the most common answer, in a sign that retailers are looking for new ways to get the public back on the high street.
Dan Edelman, general manager for 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.
“We’re proud to support more merchants than ever before through our Shop Small campaign, as well as through our long-standing support of Small Business Saturday.”
Michelle Ovens, Director of Small Business Saturday UK, said: “Small businesses definitely need a boost this winter, after sustaining so many years of challenges. With over fourth fifths relying on the festive peak season to carry them through, it’s vital that the nation throws its weight behind all our favourite small firms up and down the country on Small Business Saturday and beyond.
“We need to back them as much as possible – they make our communities, our lives and our economy so much richer – and we need to help small businesses turn the seeds of optimism this winter into flourishing growth in the new year.”
