2024 SMB
Election Year
Sentiment Report

Discover how the upcoming 2024 election is shaping small & medium sized businesses’ perspectives and strategies

About the Report

Ahead of the 2024 US election, we wanted to gauge the sentiment of Main Street America, gaining insight on how the election may impact small business owners. The survey measures SMB sentiment on the current state of the economy, what is important to small business owners during this election cycle, and how November’s results may affect their company decisions and overall strategy.

77%

of small business owners do not think inflation pressures will be resolved by the end of 2024.

43%

of small business owners do not think inflation pressures will be resolved by the end of 2024.

68%

of small business owners say the current administration is failing at supporting their business needs.

Sample Report Data

Do you think
inflation will be resolved
by the end of 2024?

Uncertainties surrounding inflation, interest rate hikes, geopolitical conflicts and the upcoming election have many small business owners worried. When asked, 77% said they do not believe inflation will be resolved by the end of the year.

Do you think
inflation will be resolved
by the end of 2024?

During a recession, small business owners often face reduced consumer spending, tighter credit markets, and increased competition, which can lead to declining revenues and profitability. Additionally, economic uncertainty during a recession may lead small business owners to adopt cost-cutting measures, delay expansion plans, or seek alternative financing options. When surveyed, almost half (43%) of small business owners were unsure if the US would enter a recession by the end of 2024, while 32% said yes and 25% said no.

According to many experts, the US economy is currently robust. Would you agree with this sentiment?

63% of small business owners surveyed do not think the economy is currently robust. Their sentiment reflects a widespread perception among small business owners that despite certain indicators of economic recovery, many challenges persist, hindering growth and confidence in the market.

About the Survey

FundKite surveyed 260 small business owners in the US to gather the following data. We asked small business owners questions that ranged from a number of topics, including experiences with inflation, interest rates, recession fears, and the upcoming Presidential election. The survey was conducted during March and April of 2024.