Are small businesses pulling back or pushing forward with new equipment purchases? Do some sectors present more opportunities than others?
In a Secured Research survey of more than 6,000 recent equipment buyers (transactions under $100,000), here’s how eight key industry sectors reported their capex purchase intent:
| Industry | Increasing Capex Spend | Keeping equipment purchases flat | Lowering Capex by up to 10% | Lowering Capex by more than 10% |
| Material Handling | 16% | 34% | 26% | 24% |
| Printing | 28% | 40% | 22% | 10% |
| Manufacturing | 20% | 44% | 27% | 9% |
| Technology | 36% | 42% | 16% | 6% |
| Construction | 44% | 41% | 10% | 5% |
| Vocational Truck | 28% | 39% | 23% | 10% |
| Restaurant | 31% | 34% | 28% | 7% |
| Medical | 38% | 38% | 13% | 11% |
Overall, nearly 35% of small businesses are planning to increase capex spending in 2024, with the construction, medical and technology sectors leading the way. Here are three quotes from the survey that reinforce the trends:
- “As a subcontractor picking up lots of new business from government projects, we can’t get our hands on enough equipment to jump on all the opportunities we’re seeing.” Owner, Concrete Company
- “Our practice is investing in new technologies that keeps billable revenues in-house. Leasing has been a powerful solution to keep expenses low and provide a fixed expense part of the business model, allowing for easy upgrades in a few years.” Finance Manager, Four Location Medical Practice
- “We’re seeing strong growth in overall restaurant profitability. Continuing to invest in to-go ordering infrastructure has been a powerful enhancement to our business. This year we’ll invest in new dedicated kitchen equipment and new ordering tech. Although I have no confidence in our bank coming through for us, I am confident our equipment distributor will help us with the financing.” CEO, Six-Unit Fine Dining Concept.
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