- Three-quarters of UK’s SMBs expecting this
Christmas to be as tough, if not tougher, than past two
- UK’s ‘Gift of the Year 2022’ winner sees
sales down 50% on 2020, 2021
Three-quarters (76%) of UK small- and medium-sized businesses
(SMBs) believe that this Christmas will be as challenging as the
past two, Covid-struck Christmases according to new research
commissioned by Wise Business, Wise’s international banking service
for business.
The independent research, for which Censuswide polled more than
1,000 SMBs nationwide, finds that more than a third (37%) believe
this Christmas will be more challenging than the last two, while
28% believe it will be just as tough. Less than a quarter (24%)
think it will be an easier ride.
Whereas recent Christmas blues have been caused by late
lockdowns and dinners by Zoom, this year’s is set to be blighted by
an energy crunch and rising costs. 57% of SMBs say energy bills are
one of their main concerns this winter, while half (51%) fear
inflation.
Faced with a tough Christmas, almost half of SMBs (48%) say they
will have to increase their prices. This, though, will cause a
problem for consumers: a separate Censuswide survey finds that 38%
of British consumers plan to drop their spending on presents this
year.
SMBs are planning to adapt and innovate in the face of rising
costs. Perhaps leaning on digital savvy developed during Covid, 30%
of SMBs plan to expand their presence online and 26% aim to grow
their social media presence.
And, while many of us are relishing the chance to drive - rather
than dial - home this Christmas, SMBs are looking abroad, with
almost a quarter (24%) planning to expand their presence
overseas.
Sadly, some SMBs also plan to take some tough decisions, with a
minority intending to cut headcount (13%), pay (9%) and their high
street presence (8%).
UK’s ‘Gift of the Year’ maker one of many facing tough
Christmas
Spice Kitchen is a Manchester-based business that sells high
quality spices. The mother-son business won this year’s ‘Gift of
the Year’ award for its top quality spice tins, which not only
contain artisan spices but are wrapped in beautiful sari cloth.
Having started life as an idea shared over Christmas dinner in
2012, the business has long seen Christmas as a vital time for
sales. Yet this year’s Christmas is proving tougher than any
other.
Sanjay Aggarwal, Founder and CEO, Spice Kitchen,
said:
“Christmas 2022 is proving to be a Christmas like no other. Our
online sales are down by half compared to this time last year and
the year before. People just don’t have the money to spend, which
is a huge challenge for businesses like ours that sees so many of
its sales come from gifting. But we’re determined to get through
this. Sales are slowly starting to uptick and we’ve been able to
keep Spice Kitchen going through our wholesale business.
“Importantly, we’re also expanding overseas. Having already
launched in many European countries, as well as the Middle East and
North America, we’re seeking to grow our presence in these markets
and enter new ones. We’ve found that great flavours are popular
everywhere, not just back here in Blighty.”
Wise Business aims to help those SMBs, like Spice Kitchen, that
are growing abroad despite a tough Christmas. Wise Business’s
international banking services are fast, affordable, transparent
and convenient. Whether a business is sourcing sari cloth, selling
spices overseas, hiring international staff or doing something else
entirely, Wise Business helps SMBs expand their international
presence.
Clara Nobre, Head of Wise Business, said:
“After years of turbulence and two Christmases blighted by
Covid, this festive season was supposed to be a relief for
businesses. For reasons beyond businesses’ control, it’s not.
However, for those that can, international expansion offers new
growth and opportunities Wise Business exists to help this, to
provide SMBs with the tools they need to head overseas.”
Today, Wise Business has more than 400,000 active customers
worldwide.
ENDS
About Wise Wise is a global technology company, building
the best way to move money around the world. With the Wise account
people and businesses can hold over 50 currencies, move money
between countries and spend money abroad. Large companies and banks
use Wise technology too; an entirely new cross-border payments
network that will one day power money without borders for everyone,
everywhere. However you use the platform, Wise is on a mission to
make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched
in 2011 under its original name TransferWise. It is one of the
world's fastest growing, most profitable tech companies and is
listed on the London Stock Exchange under the ticker, WISE.
Over 15 million people and businesses use Wise, which processes
over £9 billion in cross-border transactions every month, saving
customers over £1 billion a year.
About the research Research was conducted by Censuswide.
1,000 senior figures at SMBs were polled between 08.11.22 and
14.11.22.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221214005113/en/
Sam Barnett, samuel.barnett@wise.com, 07769202606
Wise (LSE:WISE)
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