Retail sales numbers have seen a 2.1% year-over-year increase, presenting a bright spot in the economy. However, small businesses brace for tough times ahead due to consumer spending cuts.
According to Sarah Jordan, chief marketing officer at Constant Contact, 'With the inflationary issues companies are dealing with through the year, it puts on more pressure-businesses are in catch-up mode.' This reflects concern for small businesses' stability.
Jordan warns that while retail sales data looks positive, the reality for small businesses is challenging. 'Part of the challenge is that a lot of the data at the macro level blends companies of all sizes.'
The report indicates that nearly 80% of small businesses doubt the effectiveness of their holiday marketing strategies in 2023, highlighting the uncertainty they're facing this season.
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