Canadian Manufacturing

62% of small businesses are concerned about reduced consumer spending: CFIB

Six out of ten small business owners in Canada fear consumer spending will stay low even after the COVID-19 pandemic ends

August 26, 2020  by CM Staff

Mid adult man showing credit card to the camera PHOTO: Getty

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%).

“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, in a prepared statement.

The Small Business Recovery Dashboard shows that in Canada:

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

“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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