Press Release: More consumers shopping during Black Friday but average spend lower
26 November 2022
This Black Friday is the closest one to pre-Covid levels with shoppers flocking the streets...
A study conducted by the Malta Chamber of SMEs among 250 business owners shows that 44% of SMEs in Malta expected their business to fare better this year.
The survey was carried out between the 10th and 27th of January amongst business owners. 17% replied that 2022 will be worse than 2021 while 39% replied that 2022 will be the same as 2021.
The press conference was addressed by SME Chamber Vice-President Mr Marcel Mizzi, Deputy President Mr Philip Fenech and CEO Ms Abigail Agius Mamo.
According to the Business performance survey, businesses reported a better 2021 over 2020 but it was nowhere close to 2019, before the COVID-19 pandemic hit.
Asked about their biggest concerns for the year, businesses said they were seriously concerned about the increases in costs, the prolonged uncertainty due to the COVID-19 pandemic as well as the uncertainty created by the impending general election.
In terms of financial constraints, businesses biggest concerns were sales levels, cash flow, problems with collecting payments, employee wages, banking issues and repaying deferred taxes.
Several businesses reported that they have suffered a difficulty in performance due to quarantine rules, as 13% reported that 30% or more of their employees were out at one go due to quarantine.
38% of the respondents remained neutral on whether they were satisfied with the overall business sales in the first few weeks of 2022. 20% and 15% responded being dissatisfied and very dissatisfied respectively. Despite this, an overwhelming 44% of the respondents believe that 2022 will have better results than 2021, factoring in better control of the pandemic and increased consumer confidence.
During the same press conference, the Malta Chamber of SMEs has presented 5 key proposals that will address the biggest challenges facing our economy and businesses during 2022:
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).