More than half of small and medium business expect a recession this year, though Generation Z – those aged 18 to 24 – are most optimistic.
More than half of small and medium businesses fear a recession in the year ahead and are battening down the hatches in expectation of a drop in consumer spending sparked byAbout 52 per cent expect a downturn, with fears most acute in hospitality, retail and the transport and postage sectors, while about a third think Australia will dodge a recession and 16 per cent are unsure either way.
“But we’ve got our own advantages. We’ve got low unemployment, we’re seeing the beginnings of some wages growth after a decade of stagnation, and we’re getting good prices forRecession worry is shared across all age groups, though Generation Z – aged 18 to 24 – are most optimistic, with 47 per cent confident of a soft landing for the economy compared to 40 per cent expecting the alternative.
“They’ve taken ‘normal jobs’ because they didn’t feel like it was going to be sustainable enough,” Ms Finnegan told. “People do these things as a side hustle, some people do it as a full-time job, but if it’s not economically viable, they can’t just do it for the love of it.”Founded in June 2020, Madebox was forged in a recession as a way of helping small producers access more customers and stay afloat.
“I know there will be pullback in business spending,” she said, but added that Madebox represented small, local businesses across the country, and had a good story to tell to clients.“People and [businesses] are used to spending large amounts on other things. Giving a gift box is a really impactful thing they can do, and showing that support [for Australian small batch producers].”further increases in wages will need to be factored in.
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