MADISON, Nov. 24, 2021—The state’s leading small-business association today is encouraging everyone in Wisconsin to reserve some of their holiday shopping time and money for Small Business Saturday, November 27.
“Wisconsin’s small businesses are still under a tremendous amount of pressure right now,” said Bill G. Smith, NFIB State Director in Wisconsin. “While Wisconsin consumers should be thinking of small business every day, the extra attention and monetary boost that comes with Small Business Saturday is very much welcomed, especially given the past 18 months. When people shop local, we all see the benefits. There’s no better way to support our local communities than investing our holiday shopping dollars in the success of our locally owned small businesses.
From mandated shutdowns and layoffs to the frustration of trying to hire those workers back, the past year and a half have been devastating to many of our small business owners. The ones that have survived are now facing supply chain issues and problems filling job openings. This Saturday is the perfect time to make small business a priority and an important reminder of the vital role locally owned small businesses play in the economy of communities throughout Wisconsin.”
Some of the recent struggles small-business owners are facing thanks to the health and economic challenges brought on my the COVID-19 pandemic include:
- In its latest Jobs Report, released this month, NFIB recorded 49% of its membership reporting job openings they could not fill despite the record high in pay they were offering.
- Also this month, NFIB released the latest findings of its special COVID-19 polls showing 62% of small-business owners saying supply-chain disruptions are worse now than three months ago and 90% expecting the problem to continue for the next five months or longer.
- Equally troubling, NFIB’s Small Business Economic Trends report found the percentage of small-business owners expecting better business conditions falling four points to a net negative 37%. This indicator has declined 17 points over the past three months to its lowest level since November 2012.
- As U.S. Federal Reserve Chairman Jerome Powell said at a recent Fed Listens session. “I’ve never seen these kinds of supply-chain issues, never seen an economy that combines drastic labor shortages with lots of unemployed people.”
- Established during the recession by American Express in 2010 and officially co-sponsored by the U.S. Small Business Administration since 2011, fully 70% of consumers are now aware of Small Business Saturday, according to a 2019 Small Business Saturday Consumer Insights Survey by AMEX and NFIB.
- Last week, the research firm Morning Consult found, “Almost 4 in 10 U.S. consumers say they will do the majority of their holiday shopping online: Another 36% plan to evenly split their holiday shopping between stores and online. Only 1 in 4 consumers will do the majority of their holiday shopping in stores.
- “About 50% of those who have started shopping have faced supply chain issues. These include items being out of stock online (48%), in store (48%) or back-ordered or delayed (46%).”