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Survey data from the National Federation of Independent Business (NFIB) shows that small business owners are becoming more optimistic about the economy but are increasingly concerned about inflation, which has consistently been cited as their top business issue for more than a year.
FOX Business asked two Midwest small business owners on Tuesday for their thoughts on the economy, and both said their businesses are doing well, but 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, said business at her store has been good overall, but she’s noticed fewer customers and more people selling heirlooms.
“People are stressed about politics, about the economy, and this is like chocolate, people are pleasure-seeking, they buy things to make themselves feel good,” Olson told FOX Business.
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The Waukesha Antique Mall has been in business for 35 years, and Olson has been running the store for the past 12. Olson said all costs for the store, from electricity to trash collection to advertising, have gone up in recent years, and the increased expenses are “one of those things that small businesses are really starting to feel.”
Olson found that consumers are already feeling that.
The owner of the Waukesha Antique Mall in Waukesha, Wisconsin, says he’s seen a slight decrease in foot traffic but a noticeable increase in sellers. (Google Maps / Fox News)
“We’re seeing more and more people selling stuff. They want money, so they’re coming here to get rid of stuff and get some money, especially seniors,” Olson said. “We’re noticing more and more people coming here to sell stuff because they’re struggling to make ends meet. Some of them can’t even pay their housing bills.”
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The owner of Ekart Automotive in Manhattan, Kansas, echoed similar sentiments.
“Inflation is hurting everybody,” said the owner, who spoke to FOX Business on the condition of anonymity to comment. “Soon we won’t be able to afford to get our cars fixed, and we’re already in that situation now.”
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The owner of Ekart, which has been in business since 1954, said he is seeing more and more customers who have nothing left after spending money on groceries and other necessities and can’t afford to pay for car maintenance like they used to. He has noticed a trend where many are forgoing necessary repairs and just doing the bare minimum to keep their cars running.
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“We’ve been in business here for 75 years, so we’re OK,” he said, “but for the general public, if it carries on like this, it’s not going to be OK.”
