Despite looming concerns of an impending recession, small business owners continue to remain optimistic about the economic conditions over the next 12 months. According to our latest small business report, there was a 21% increase year-over-year (YOY) for the number of businesses that expect the economic conditions to improve over the next twelve months.
Nearly half (46%) of business owners expect the economy to continue to improve over the next twelve months. In addition to the positive outlook on the economy, the majority of business owners expect sales, capital expenditures, and staffing levels to increase.
These positive economic outlooks have impacted what SMBs plan to do with their marketing budgets. Forty-six percent of SMBs plan to spend more on marketing over the next 12 months. What’s more compelling is only 8% of SMBs plan to spend less on their marketing activities. This number was 28% a few years ago.
To learn more on these trends, check out Local Pulse Report™ series.