Digital Banking

Union Bank survey finds small businesses optimistic this holiday season

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November 18, 2022

Small business owners are optimistic about the future, particularly the holiday season, according to a Small Business Holiday Spending 2022 survey conducted by Union Bank, which operates on the West Coast. In addition, half have added third-party payment systems and online ordering, according to a press release.

Small businesses have also begun to rely more on digital tools such as social media to meet customer expectations, particularly following COVID-19, according to the release.

The survey also revealed one in three Californian customers plan to spend 50 to 70% of their holiday budget at small businesses.

"Today's economic environment has motivated small business owners to adapt and develop their capabilities to maximize earning potential this holiday season. 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," Todd Hollander, head of business banking, Small Business Administration and Small Business, Union Bank, said in the release.