The CNBC|SurveyMonkey Small Business Confidence Index rebounded after a steep decline the previous quarter, to an index score of 46 out of 100. Here are some key highlights from our latest survey of more than 2,000 small business owners, fielded November 16-21, 2023.
Younger small business owners drive enthusiasm for artificial intelligence (AI)
- Nearly three in 10 (29%) small business owners say AI will help their business, nearly double the number (16%) of those who think AI will harm their business. Half (52%) do not expect AI to have any impact on their business.
- Small business owners under 35 are driving the enthusiasm and adoption for AI:
- 45% say AI will help improve their business, compared to 23% of those ages 35-44, 27% of 45-54, 30% of 55-64, and 23% of those 65 or older.
- 59% express interest in using AI software or tools to help with their business, compared to 44% of small businesses overall.
- One in three (33%) plan on increasing their investment in AI over the next 12 months, compared to 20% of small businesses overall.
Small businesses are less optimistic about this year’s holiday season
- Less than one in five (18%) small business owners expect business this holiday season to be better than last year; 30% predict that business will be worse, and half (50%) expect business to remain similar year over year.
- Younger small business owners are much more optimistic: one in three (32%) under 35 expect business to be better this holiday season, compared to 25% of 35-44, 13% of 45-54, 16% of 55-64, and 12% of those 65 or older.
- Small Business Saturday is the most important shopping holiday for small business owners (19%), compared to Cyber Monday (7%) or Black Friday (14%).
- Hispanic and Black small business owners are especially dependent on Small Business Saturday, with 29% and 28%, respectively, saying that the day after Black Friday will be the most important shopping holiday this year, compared to just 16% of white small business owners.
Managing inflation, tax policy, and economic growth are the leading issues for small business owners when it comes to the 2024 presidential election
- Nearly half (45%) of small business owners say inflation is the biggest risk to their business, more than three times higher than the next most important issues: supply chain disruptions (15%) and labor shortages (15%).
- 60% of small business owners say inflation and interest rates are their top issue when it comes to deciding who to vote for in next year’s presidential election, followed by tax policy (57%), and economic growth (55%).
- Top issues for small business owners see a partisan divide:
- Inflation and interest rates (76%), tax policies (70%), and economic growth (65%) are the leading issues for Republican small business owners.
- Healthcare costs (55%) and economic growth (42%) are the leading issues for Democratic small business owners, while less than 4 in 10 cite inflation and interest rates (38%) and tax policies (35%) as top issues.
- 4 in 10 (42%) small business owners say they have already made up their mind on their preferred presidential candidate, with Democrats more likely than Republicans to have decided (54% vs. 49%, respectively).
- One in four (25%) small business owners overall are undecided, 17% are considering multiple candidates, and 13% have no preference.
Read more about our polling methodology here.
Click through all the results in the interactive toplines below:
