How Inflation Has Affected SMBs in 2024

 Nearly half (46%) of small business owners and marketers say they've had to cut back on expenses this year to mitigate the impact of inflation, according to recent research from Constant Contact and Ascend2.

The report was based on data from a survey conducted in 2024 among 1,600 owners and marketers at SMBs (firms with 250 or fewer employees) in Australia, Canada, New Zealand, the United Kingdom, and the United States. The researchers also surveyed 3,059 consumers age 18 and older in the same countries.

Other approaches SMBs have taken to mitigate the impact of inflation include increasing prices (39% of respondents say their firm has done so), improving operational efficiency (24%), and focusing more on customer retention (22%).

Larger SMBs (those with between 100-250 employees) are much more likely to have taken steps beyond cutting expenses and increasing prices to mitigate the impact of inflation.

Some 52% of consumers surveyed say they've had to reduce their spending at small businesses this year because of inflation.

About the research: The report was based on data from a survey conducted in 2024 among 1,600 owners and marketers at SMBs (250 or fewer employees) in Australia, Canada, New Zealand, the United Kingdom, and the United States. The researchers also surveyed 3,059 consumers age 18 and older in the same countries.

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