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Small business owners are feeling more optimistic about the economy but increasingly concerned about inflation, which has been consistently cited as their top operating concern for more than a year, according to National Federation of Independent Business (NFIB) survey data.
FOX Business spoke to two small business owners in the Midwest on Tuesday about their views on the economy, and both said that while their businesses are doing well, many of their customers are not.
Waukesha Antique Mall in Waukesha, Wisconsin. (Google Street View/Fox News)
Penny Olson, owner of Waukesha Antique Mall in Waukesha, Wisconsin, says her business is generally doing well, but she’s noticed a slowdown in foot traffic and an increase in people selling their souvenirs.
“I think people are stressed out by politics and the economy, and it’s like chocolate, where they buy things for pleasure, to make them feel good,” Olson told Fox Business Network.
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The Waukesha Antinque Mall has been in business for 35 years, and Olson has owned the store for 12. She said all of her business costs have gone up in recent years, from electricity bills to trash collection to advertising, and that increased expenses “are one of the things that small businesses are really starting to feel.”
Olson has noticed that consumers already sense this fact.
The owner of the Waukesha Antique Mall in Waukesha, Wisconsin, says she has noticed some decrease in foot traffic but a noticeable increase in the number of vendors. (Google Maps/Fox News)
“More people are selling their stuff,” Olson said. “They’re coming here to get rid of old stuff, or to get money, because they want money—especially older people. We’ve noticed that they’re coming here more and more to sell their stuff, because they’re having a hard time keeping up… Some of them can’t afford housing.”
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Owner of Ekart Cars Company in Manhattan, KansasThey shared similar observations.
“Inflation is killing everyone,” said the company owner, who asked not to be named but agreed to be quoted on Fox Business Channel. “After a long time, they won’t be able to afford to fix their cars, and it’s already gotten to that point.”
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The owner of Eckart, which has been in business since 1954, said he sees customers who don’t have money left over after spending their money on groceries and other necessities, and don’t have the money to maintain their vehicles as they used to. He’s noticed a trend where many customers are foregoing necessary repairs and doing just the bare minimum to keep their vehicles running.
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“We’ve had established businesses here for 75 years, so we’ll be fine,” he said, “but as far as the general public is concerned, they’re not going to be fine if it continues like this.”
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