A recent report by VISA found that 60% of small and medium-sized businesses (SMBs) are prepping for holiday shopping.
Consumers’ optimism to support local businesses over the coming holiday shopping remains high, as 86% plan to buy gifts from SMBs, amid COVID-19, as per the report. Further, 60% say they’re planning to do half or more of their holiday shopping with local retailers.
However, only 32% of Americans are planning to shop online compared to 29% worldwide (global trend). As compared to earlier years, 33% of consumers are planning to gift more digital cards and digital entertainment (16%) this year compared to 2019.
Also, 69% of SMBs project the holiday season as a top sales opportunity. 24% say they are planning to extend their hours, and 20% are in-process of digitising their business.
[2 minute read]