Blog: Survey examines small business holiday season optimism – Financial Regulation News – Financial Regulation News

A Union Bank-commissioned survey of small business owners has determined there is optimism about the holiday season and confidence in preparation to adapt amid efforts to meet customer needs.

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The Union Bank Small Business Holiday Spending 2022 Survey stemmed from research gathered via an online survey conducted by the global independent research firm Edelman DxI, addressing 1,005 domestic consumers and 200 small business owners between Sept. 12 and Oct. 5, 2022.

“Today’s economic environment has motivated small business owners to adapt and develop their capabilities to maximize earning potential this holiday season,” said Todd Hollander, Union Bank Head of Business Banking, Small Business Administration and Small Business. “Now more than ever, small businesses need to tap into their entrepreneurial spirit and continue to be creative in how they evolve and adjust to meet consumer expectations.”

Per the analysis, small business owners are evolving to keep pace with evolving consumer expectations and demands. Half of small business owners surveyed have added third-party payment systems, and half of California small business owners have added online ordering.

“When we started our business, we were very focused on making beautiful, well-crafted stationary by hand and creating a very personalized in-store experience for our clients,” Sugar Paper Founder and Creative Director Chelsea Shukov said. “But we were able to successfully grow and diversify our business by not only adding an online shopping experience but also diversifying the channels we use to reach our different client segments where they shop.”

The survey also showed that some small business owners have pivoted to find solutions to meet consumer expectations and demands reliant on digital tools.

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