Concerns continue around inflation, supply chain, minimum wage, and virus variants
NORFOLK, VA. (March 1, 2022) – 56% of local retailers and other small businesses enjoyed growth in 2021 holiday sales from the same period in 2020, according to the latest Retail Pulse survey from Retail Alliance. Inflation was of most concern to survey respondents, with 81% having some level of concern. Delays in the supply chain are not improving for a significant portion either, with an average of 78% expressing concerns. Business confidence for the next six months is looking stable, with very little change to the previous two surveys (Aug and Nov 2021).
The survey, conducted between February 3 and February 14, 2022, received 100 responses from retailers, restaurants, services, and other small businesses, throughout Hampton Roads. The survey included questions about holiday sales comparing 2021 holiday season to 2020 and also to 2019 (pre-pandemic), business challenges, business confidence, supply chain, and minimum wage.
You can view the entire report here.