Intuit QuickBooks Report Reveals Small Businesses Project a Third of Yearly Revenue from Holiday Sales as Consumer Spending Expected to Decrease by 34%
Intuit Inc. (INTU)
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Source: Business Wire
Study uncovers how small businesses can prepare ahead of the holiday season to capitalize on the $76 billion opportunity from consumer spend at small businesses MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--A new Intuit QuickBooks data report revealed that rising costs and continued inflationary pressures are causing a pull back on spending, as consumers are expected to spend $85 billion less this holiday season, a 34% year-over-year downturn. These findings and more are highlighted in the annual QuickBooks Holiday Shopping Report, based on a recent survey of U.S. consumers and small businesses commissioned by Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp.Overall, consumer holiday spending is projected to reach $211 billion, however, nearly a quarter (23%) of consumers surveyed say they expect to spend less this season, citing the rising costs of groceries and gas as a major motivator. On average,
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