Small-business owners are looking at an $88 billion opportunity during the holiday shopping season — if they can navigate higher prices, supply chain headaches and inventory shortfalls.

A tumultuous 2022 is coming to an end, and recession predictions abound for 2023, so many small businesses are counting on Black Friday, Small Business Saturday and Cyber Monday for an important lift.

A survey by financial technology platform Intuit, which owns TurboTax, Credit Karma, Quickbooks and Mailchimp, found 70% of small businesses are predicting increased sales, and about 80% say the holiday season is important to their overall financial health. Intuit estimates consumers plan to spend about 40% of their holiday budget at small businesses — representing an $88 billion opportunity.

“The holiday season is always the biggest time of the year for our business, but this year it is incredibly important for us to hit sales. Due to challenges in the marketplace such as higher supplier prices and supply chain issues, this holiday season is definitely a make or break for us,” said Anthony and Courtney Bui, founders of The Long Dog Clothing Co. in Torrance, California, in a press release announcing the survey findings.