Goldman Sachs 10,000 Small Businesses Voices Releases New Small Business Pulse Poll: Inflation Stealing Profits from Small Business Owners

  • More than half of small business owners say that their profitability has not met expectations, even while an overwhelming 79% have increased prices compared to last year

NEW YORK, NY, December 14, 2022 – Goldman Sachs 10,000 Small Businesses Voices released a new Small Business Pulse Poll today finding that small business owners across the United States are getting squeezed this holiday season, even as revenue and sales for larger businesses hit record highs.

“Small businesses are the backbone of America. Yet, as we enter this holiday season, we are finding it harder than ever to succeed,” said Janice Jucker, President and Co-Owner Three Brothers Bakery and member of Goldman Sachs 10,000 Small Businesses Voices National Leadership Council. “As our economy teeters on the brink of a recession, it’s more important than ever that Washington provide small businesses with the resources we need not just to get by, but to get ahead.”

Key small business pulse poll findings include:

  • Inflation is stealing profits from small business owners in 2022. Compared to last year, more than half (52%) of small business owners say that their profitability has not met expectations. Even while an overwhelming 79% have increased prices compared to last year.
  • 40% said that demand has decreased compared to last year, with 33% saying it has stayed the same. 
  • 84% of those surveyed believe bigger retailers have a competitive advantage this holiday season due to their ability to better withstand inflationary pressures and offer lower prices.
  • Inventory planning remains a challenge for small businesses with 27% reporting that they currently have excess inventory for current demand.

“Small business owners across America are doing more with less this holiday season,” added Joe Wall, national director of Goldman Sachs 10,000 Small Businesses Voices. “It’s critical that Washington meet their needs, and we are committed to ensuring that the voices of small business owners are heard at the highest levels of our government.”

The new Small Business Pulse Poll released today surveyed 331 small business owners in the consumer product retail/wholesale, food and beverage retail/wholesale, and hospitality/restaurant sectors to capture their sentiments this holiday season. The poll was conducted Dec 1-7. Despite raising prices and seeing decent demand, small businesses are still being hurt in an increasingly difficult economy.

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About 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses launched over a decade ago to provide best-in-class business education along with access to capital and support services. It has reached more than 12,800 small business owners across all 50 states, Puerto Rico, and Washington, D.C. to date. Learn more at www.gs.com/10ksb

About 10,000 Small Businesses Voices
Goldman Sachs 10,000 Small Businesses Voices, which in April marked its two-year anniversary, builds on this initiative and organizes program participants to advocate for policies that matter to them. Learn more at www.gs.com/10ksb-voices

About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.