53% face weak demand
Canada’s small businesses are calling on their communities for support this Small Business Saturday, as 53 percent face weak consumer demand entering the holiday shopping season.
The event, taking place on November 30 after Black Friday, is an annual celebration led by the Canadian Federation of Independent Business (CFIB). It encourages Canadians to shop locally and intentionally to boost their local economies.
“It’s been a tough year for small businesses across Canada, but we have a chance for a strong finish as the crucial holiday shopping season kicks off,” said Ryan Mallough, CFIB’s vice-president of legislative affairs.
Highlighting the broader impact of shopping locally, Mallough added, “For every dollar you spend at a small business, 66 cents stays in the local economy. It’s not just a win for the business, it’s a win for the whole community.”
Consumer behaviour is a key focus, with an Angus Reid Group poll revealing that 26 percent of Canadians plan to do most of their holiday shopping in-store, while 34 percent expect to shop primarily online.
The poll also showed that 48 percent of small businesses are struggling to compete with online retail giants, making community support even more critical.
Holiday spending trends reflect a more cautious approach this year. The Angus Reid study found that 46 percent of Canadians intend to spend less this season compared to last year, with only 8 percent planning to spend more.
On average, Canadians expect to allocate $900 for the holidays, including $544 for gifts.
Mallough encouraged Canadians to take advantage of the day, stating, “Small Business Saturday is an amazing opportunity to find the perfect gift at a great price, as many businesses will be offering sales and special offers this weekend. This weekend is a great chance to explore your local businesses.”
