How Social Media can Avert Recession in 2022

While Covid-19 marked the first recession in years, it revolutionized many things, including remote work. Some noticeable changes were the gig life and online shopping.

Well! what does that have to do with the recession or social media?

"Small businesses comprise 99.9 percent of all U.S. businesses" (Pie Insurance, n.d.)

According to 'Pie Insurance' "Nearly half of all Americans—47.5 percent—are employed by small businesses." (Pie Insurance, n.d.) Small businesses account for close to 50% of the US economy.

"Although the majority of small businesses hire fewer than 100 employees, they are responsible for millions of new jobs created over the past few years." (Oberlo, 2022).

The recent market activities indicate a fall in unemployment, encouraging no public declaration of a 2022 recession. While small businesses are not the only reason for lower unemployment rates, they play a significant role in the 2022 recession debate.

Social Media and Small Businesses:

Social media platforms like Facebook and Instagram have been the number one platform for entertainment and connecting consumers to businesses.

"Digital Commerce has also seen a boost as new consumers migrate online for grocery shopping – a rise that is likely to be sustained post-outbreak." (Accenture, 2020).

Credit: Shopify (2022)

As shown above, E-commerce has continued to trend upwards despite the pandemic, inflation, or talks of a recession. Does it mean there are no variations within the market? Certainly not! However, e-commerce is proving to be recession-proof as consumers continue to prioritize online shopping.

Do you think social media can avert a recession in 2022? Leave a comment below!

Remember to follow on Instagram @limnyuylainjo and @limeansbusiness for more tips.

Links:

Accenture. (2020). COVID-19: How consumer behavior will be changed. https://www.accenture.com/us-en/insights/consumer-goods-services/coronavirus-consumer-behavior-research

Oberlo. 2022. How many Small Businesses are there in the US in 2022? https://www.oberlo.com/statistics/number-of-small-business-in-the-us

Pie Insurance. (n.d.) How many small Businesses are in the United States? https://pieinsurance.com/blog/small-business-resources/how-many-small-businesses-are-there-in-the-us/#:~:text=There%20are%2030.2%20million%20small,percent%20of%20all%20U.S.%20businesses.