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CFIB Poll – 62% of Small Businesses are Concerned Reduced Consumer Spending is Here to Stay

Toronto – Despite businesses reopening and operations resuming, six out of ten small business owners in Canada fear consumer spending will stay low even after the COVID-19 pandemic ends, says a Canadian Federation of Independent Business (CFIB) survey. The only bigger concern for small business owners is the impact of the current crisis on the economy (70 per cent). 

“Small business owners are really worried about regaining pre-COVID-19 revenues. Customers are back but often in smaller numbers than usual,” explained Laura Jones, Executive Vice-President at CFIB. 

As of today, the Small Business Recovery Dashboard shows that in Canada: 

  • 66 per cent of small businesses are fully open; 
  • 40 per cent are fully staffed
  • Only 28 per cent have resumed their normal sales levels.

As part of the #SmallBusinessEveryDay campaign, CFIB encourages all Canadians to join the collective effort to support local small businesses. This weekend, RBC’s Canada United campaign will give consumers even more motivation. Simply by shopping at local businesses from August 28 to 30 and entering the contest on Canada United’s website, consumers will get a chance to win one of 25 prizes for $10,000. Other initiatives and ideas to support local shopping are profiled on the SmallBusinessEveryDay.ca website.

“As consumers, we can be creative and find different ways to support the small businesses that need it. Supporting our favourite businesses today gives them a tomorrow. The government can also help by ensuring support measures for big bills like rent are available,” said Jones. 

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