In a poll of small business owners, 76 percent said that they had not seen an increase in sales during the holiday season as inflation and other economic conditions constrict consumers’ cash, according to Goldman Sachs.
Of small business owners surveyed, 55 percent said that their profit margins decreased this year, and a further 70 percent said that their own personal spending plans for their families were negatively impacted following their own assessment of the state of the economy, according to a poll by Goldman Sachs conducted from Dec. 1 to Dec. 8 of 337 small retail business owners. Consumer spending previously slowed in October as the Americans’ savings declined to $768.6 billion in the month, down from the over $1 trillion held in May and even further from the all-time high of almost $6 trillion held in April 2020.
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