Small businesses across Northern Ireland prepare to target a fifth of UK Christmas spend – equating to approximately up to £4.4 billion
New data from the Small Business Saturday campaign found 78% of people across Northern Ireland will spend more on Christmas this year
Over £20 billion could be spent by households across the festive season in the UK this year, as small businesses across Northern Ireland prepare to target a fifth of Christmas spend – equating to approximately up to £4.4 billion.
New data from the Small Business Saturday campaign found the festive season could deliver a critical boost for the nation’s 5.5 million small businesses as they tackle extended economic difficulties. On average UK households will spend £757 on seasonal celebrations with at least a quarter expecting to spend more, and 22% of this potential festive budget earmarked for small businesses.
As the critical ‘peak’ festive season kicks off with Black Friday and Cyber Monday, the Small Business Saturday campaign - which takes place a week later on December 7 with backing from principal supporter American Express – is calling on the public to support and celebrate small businesses to ensure their survival.
Across Northern Ireland, 61% of households will spend up to half of their Christmas budget with small businesses this year.
And around three quarters (78%) of consumers across Northern Ireland also intend to spend more on Christmas this year, higher than the national average of 26% planning to increase their spend.
Encouragingly public support for small businesses across the region is already riding high with 89% of people in Northern Ireland thinking it is important to support small businesses and 75% spending on goods or services with small firms multiple times a month.
Small Business Saturday’s research also found women are predominately controlling the festive purse-strings, with 60% in charge of their household budget.
“Public support is absolutely vital for small businesses across the UK, with many still fighting to recover from the cost-of-living crisis and deal with continued challenges like high costs and flat growth,” said Michelle Ovens CBE, director of Small Business Saturday UK.
“With a major festive spending pot up for grabs this year, there is huge opportunity out there for small businesses. And it is really encouraging to see such positive public sentiment across Northern Ireland. We need this to continue as it really will make all the difference to helping small firms across Northern Ireland stay in business and keep delivering their incredible value across our economy, society and local communities.”
Small Business Saturday came to the UK in 2013 and is backed by principal supporter, American Express, which founded the campaign in the US in 2010. Over the time it has been running in the UK, the campaign has seen a growth in public support for small businesses with billions of pounds spent with small firms on Small Business Saturday.
On Small Business Saturday customers across the UK go out and support all types of small businesses, both online and in bricks-and-mortar stores; from independent shops and restaurants to small service and b2b based businesses like accountants, plumbers and digital marketeers. Many small businesses get involved in the campaign by hosting events, offering promotions, and collaborating with other local businesses.