2023-11-20 16:40:07
A majority (65%) of small and medium-sized businesses (SMEs) expect to lose sales to multinationals and e-commerce giants as big shopping events take place this weekend, such as the Black Friday and Cyber Monday.
This is what the results of a survey revealed Monday by the Canadian Federation of Independent Business (CFIB) indicate. It reveals that while a third of Canadian consumers (34%) plan to shop at large retailers during the holiday season, only 16% of them will do most of their shopping at small retailers.
However, according to the CFIB, almost half (46%) of small retail businesses depend on holiday shopping.
“Given the cost of food, utilities and rent, it is no surprise that many consumers want to reduce their spending during the holidays this year,” said François Vincent, vice-president of Quebec at the CFIB.
The latter also encourages Canadians to buy local during the “SME Saturday” event on November 25.
“Large retailers will not be the only ones to display lower prices this weekend: more than two in five SMEs will organize a sale or offer discounts […]. Each local dollar keeps $0.66 in the community, compared to $0.11 if it is spent in a multinational,” added Mr. Vincent.
The survey conducted by the Angus Reid Group was conducted from October 27 to 31, 2023 among 1,510 Canadians.
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