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Survey data from the National Federation of Independent Business (NFIB) shows that small business owners are feeling more optimistic about the economy, but Increasingly concerned about inflationwhich has been consistently cited as its main operational problem for over a year.
FOX Business spoke to two Midwestern business owners small business On Tuesday, the owners discussed 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 doing well overall, but she has noticed a decrease in foot traffic and an increase in people selling their relics.
“I think people are stressed out by politics and economics, and this is like their chocolate, you know?” Olson said. FOX Business“where they buy things for pleasure, to feel good.”
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The Waukesha Antique Mall has been in operation for 35 years, and Olson has owned the establishment for the past 12. She said all of her business’s costs have increased in recent years, from electric bills to trash collection to advertising, and that increased expense is “something that small businesses are really starting to feel.”
Olson has noted that consumers are already feeling it.
The owner of the Waukesha Antique Mall in Waukesha, Wisconsin, says she’s seen some decline in foot traffic but a noticeable increase in vendors. (Google Maps / Fox News)
“More and more people are selling their stuff. They’re coming to purge, to get money, because they want money, especially the older ones,” Olson said. “We’re noticing that more and more people are coming to sell their stuff, because they’re having trouble keeping up. … Some of them can’t afford their housing.”
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The owner of Ekart Automotive in Manhattan, Kansasshared similar observations.
“Inflation is killing everyone,” said the owner, who asked not to be named but agreed to be quoted by FOX Business. “Before long, they won’t be able to afford to repair their vehicles, and they’re already getting to that point.”
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The owner of Ekart, who has been in business since 1954, said he is seeing customers who have nothing left after spending their money on groceries and other necessities, and who don’t have the funds for vehicle maintenance like they once did. He has noticed a trend: Many are forgoing necessary repairs and only doing the bare minimum to keep their vehicles running.
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“We’ve had a business here for 75 years, so we’ll do fine,” he said. “But as far as the general public is concerned, they’re not going to do well if this continues.”