Small Businesses Set to Capture Share of the UK’s £20.4bn Christmas Spending

In the upcoming festive season, UK households are projected to spend over £20 billion, presenting a significant opportunity for small businesses to secure a portion of this market. This equates to approximately up to £4.4 billion, with a fifth of Christmas spending expected to be targeted towards small businesses.

Small Business Saturday Campaign Unveils Potential Boost for Small Businesses

New data from the Small Business Saturday campaign reveals that the festive season could provide a much-needed boost for the UK’s 5.5 million small businesses amidst ongoing economic challenges. On average, UK households are anticipated to spend £757 on seasonal celebrations, with a quarter of them planning to spend even more. Notably, 22% of the festive budget is earmarked for small businesses, indicating a significant opportunity for growth and support within this sector.

Women at the Helm of Festive Spending

According to research conducted by Small Business Saturday, women are predominantly leading the way when it comes to managing household budgets and making purchasing decisions during the festive period. Steph Douglas, the founder of ‘Don’t Buy her Flowers’, notes that women are the primary demographic driving their business growth, with a focus on thoughtful and meaningful gifts for various occasions, including Christmas. This insight highlights the importance of understanding consumer behaviour and tailoring products and services to meet their needs effectively.

Public Support Essential for Small Business Survival

With four in five people expressing the importance of supporting small businesses and two-thirds regularly engaging with them, there is a strong foundation of public support for local enterprises. Michelle Ovens CBE, director of Small Business Saturday UK, emphasises the vital role that public backing plays in helping small firms navigate economic challenges and maintain their contributions to the economy and local communities. The upcoming festive spending season presents a significant opportunity for small businesses to thrive, with the continued support of consumers playing a crucial role in their success.

By actively participating in initiatives like Small Business Saturday and choosing to shop with independent retailers, consumers can make a tangible difference in sustaining and growing the small business sector. As the festive season approaches, the focus on supporting local enterprises becomes even more critical, ensuring their continued presence and impact on the community.