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Key Takeaways:
Over 1 in 10 small business owners (13%) think their business will struggle if TikTok is banned — 44% who use it think their revenue will decrease.
More than 2 in 5 small business owners oppose the TikTok ban.
Small business owners report that a quarter of their business comes from TikTok.
Nearly 1 in 2 American consumers oppose the TikTok ban, with Gen Z consumers the most likely to do so (63%).
84% of consumers have discovered a new product or business on TikTok.
Businesses Facing a TikTok Ban
Over 1 in 10 small-business owners (13%) think their business will struggle if TikTok is banned — 44% who use it for business operations think it would cause a decrease in their revenue.
More than 2 in 5 small business owners (43%) do not support the TikTok ban.
- Business owners who identify as Democrats were 52% more likely than Republican business owners to oppose the TikTok ban.
25% of small business owners use TikTok for business operations, and 7% of these owners say they will have to lay off employees if TikTok is banned.
Small business owners who use TikTok report that a quarter of their business comes from TikTok.
Consumers Weigh In
Nearly 1 in 2 American consumers oppose the TikTok ban, with Gen Z consumers the most likely to do so (63%).
- 53% of Democrats and 46% of Republicans oppose the ban.
45% of Americans think that TikTok impacts the economy because of the businesses that use it.
1 in 10 Americans think the economy will fall if TikTok is banned.
Despite security concerns, 39% of Americans disagree that eliminating TikTok is worth it.
26% of Americans discover new products or businesses on TikTok weekly.
Preferred shopping platforms of American consumers:
- Etsy
- Amazon
- TikTok
Gen Z was most likely to list TikTok as a preferred shopping platform (48%), compared to 32% of millennials, 23% of Gen X, and 15% of baby boomers.
Methodology
We surveyed 200 business owners and 800 Americans to explore sentiments regarding the potential TikTok ban. Among business owners, business sizes were as follows:
- 76% micro (1-9 employees)
- 14% small (10-49 employees)
- 5% medium (50-249 employees)
- 7% large (250 or more employees)
We grouped micro and small business owners as “small business owners” (89%). Among business owners, 45% were Democrats, 18% were Republicans, 35% were independent, and 2% preferred not to say.
Of the general population survey, 53% were millennials, 21% Gen Z, 19% Gen X, and 7% baby boomers. As for political affiliation, 49% were Democrats, 20% were Republicans, 27% independent, 2% were other, and 1% preferred not to say. The survey was conducted on March 13, 2024. Note: percentages may not equal 100 due to rounding.
About Clarify Capital
Clarify Capital helps business owners navigate the complexities of financing so they can thrive in today’s competitive marketplace. We offer tailored financial solutions that support entrepreneurial dreams, turning visions into reality.
Fair Use Statement
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Emma Parker
Senior Funding Manager
Emma holds a B.S. in finance from NYU and has been working in the business financing industry for over a decade. She is passionate about helping small business owners grow by finding the right funding option that makes sense for them. More about the Clarify team →
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