Midwest Small Businesses Struggling with Consumer Stress
- Small business owners in the Midwest are concerned about the impact of consumer stress.
- Inflation has been a major worry for small businesses for over a year.
- The toll on consumers is a growing concern for shops in the Midwest.
Recent survey data from the National Federation of Independent Businesses (NFIB) indicates a growing sense of optimism among small business owners regarding the economy. However, this optimism is tempered by persistent concerns over inflation, which has been identified as the primary operational challenge for over a year. In interviews with two small business owners from the Midwest, it became clear that while their businesses are stable, their customers are increasingly struggling. Penny Olson, who has owned the Waukesha Antique Mall in Wisconsin for 12 years, reported a noticeable decline in foot traffic and an uptick in customers selling their heirlooms. With the store operating for 35 years, Olson noted that many individuals are facing financial difficulties, stating, "More people are selling their things... Some of them can't afford their housing." This trend reflects broader economic pressures that are impacting consumer behavior. Similarly, the owner of Ekart Automotive in Manhattan, Kansas, expressed concerns about the financial strain on customers. Citing inflation as a significant issue, he remarked, "Inflation is killing everybody." He observed that many customers are prioritizing essential expenses like groceries over vehicle maintenance, leading them to defer necessary repairs. Despite the longevity of his business, established in 1954, he acknowledged that the general public's financial health is deteriorating. Both business owners highlight a troubling disconnect between their operational success and the economic realities faced by their customers, raising concerns about the sustainability of consumer spending in the current climate.