Less than one-third of small businesses’ sales have returned to pre-pandemic levels: survey
Published August 27, 2020 at 12:57 am
Despite the fact more businesses have been permitted to reopen at increased capacity, 60 per cent of small business owners fear consumer spending will stay low even after the pandemic ends.
According to a survey from the Canadian Federation of Independent Business (CFIB), 70 per cent of respondents are concerned about the impact the pandemic has had and will continue to have on the economy.
“Small business owners are really worried about regaining pre-COVID-19 revenues. Customers are back but often in smaller numbers than usual,” Laura Jones, executive vice-president of CFIB, said in a news release.
The findings indicate about two-thirds—66 per cent—of small businesses are fully open, and only 40 per cent are fully staffed.
Additionally, only 28 per cent of small business owners say their businesses have seen their sales levels return to the pre-pandemic 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,” Jones added.