The Holiday’s are in full bloom and for many local businesses a large percentage of their annual sales will be generated between now and the end of the year. Based off fresh data from Black Friday and Cyber Monday sales consumer spending is still strong. Despite all the doom and gloom news we are feed people are still spending. The key is to keep it local.
Our local business community has seen many changes over this past year. Some of these were more welcomed than others. Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
The infographic below shows the average percentage of total yearly sales is done during the holidays by category.
Please do your part to support local businesses in our community this Holiday Season.