Intuit QuickBooks Spotlights $125 Billion Opportunity for Small Businesses

A recent Intuit QuickBooks survey uncovered U.S. consumers signal a 42% year-over-year increase in their spending at these enterprises despite ongoing economic uncertainty. The QuickBooks Holiday Shopping Report, spotlighting insights from a survey of 6,500 American adults, reveals that nearly half are poised to spend at least 50% of their holiday budgets at small businesses, equating to a $125 billion potential windfall.

As the global financial platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, Intuit champions small business prosperity. The report reflects a compelling 42% anticipated jump in small business patronage, attributed to the consumer belief that such shopping experiences are less taxing than their big-box counterparts.

Embracing Small Businesses with Open Wallets and Hearts

The Intuit QuickBooks survey echoes a nationwide readiness to embrace the holiday spirit with 94% of respondents planning to purchase gifts. Small businesses are expected to benefit significantly as projected average spending rises from last year’s $342 to roughly $485 per consumer. Work bonuses and early savings, with 34% expecting a bonus and 70% having started saving for the season by September, are propelling this increase.

Joseph Black, Intuit QuickBooks’ Director of Product Management, Commerce, highlights the report’s significance: ““Our research shows that consumers want to support small businesses – and plan to spend 42% more with them in total this season compared to last – but there are some key factors that business owners should evaluate in order to maximize their sales and win customers during the holidays. Small businesses are more likely to gain shoppers by providing seamless checkout experiences, automating their manual backend tasks so they can dedicate more time to their customers, and selling online across multiple sales channels to meet shoppers where they are.”

Strategic Tips for Holiday Success

Intuit QuickBooks provides small businesses with a robust suite of financial and operational tools to maximize holiday sales. Strategies include adopting flexible payment models like Buy Now, Pay Later, enhancing the checkout experience with integrated payment solutions, offering competitive holiday discounts, and promoting local community engagement.

To support these initiatives, QuickBooks has unveiled a holiday hub, offering vital tools and resources to help small businesses flourish.

For full survey results and further insights, small businesses can explore the findings at quickbooks.intuit.com/r/holidays/.

Image: Envato Elements

This article, “Intuit QuickBooks Spotlights $125 Billion Opportunity for Small Businesses” was first published on Small Business Trends