Small Business Saturday is observed nationwide on Nov. 26. American Express launched the shopping holiday, which falls between Black Friday and Cyber Monday, in 2010 to help local stores in the wake of a major recession. The initiative has been a success by any measure, as consumers have reported spending an estimated $163 billion across all 12 Small Business Saturdays combined.
HERE ARE SOME OTHER FACTS YOU MAY NOT KNOW ABOUT THE BENEFITS OF SHOPPING SMALL:
For every dollar spent at a small business, it’s estimated that an average of 67 cents stays in that business’s local community. This means that every dollar spent at an independent retailer returns three times more money to the local economy than those spent at a chain store.
Small businesses account for 99.7 percent of all businesses in the country, according to the U.S. Small Business Administration.
Small businesses donate 250 percent more than larger businesses to nonprofits and community causes, according to the Seattle Good Business Network.
According to a 2020 Consumer Insights Survey, 97 percent of shoppers recognized the positive impact they can make by shopping small and 85 percent of them reported they also encouraged friends and family to shop small.
If each household redirected just $100 of planned holiday spending from chain stores to locally owned merchants, the local economic impact would reach approximately $10 million, according to an AIBA Economic Impact case study.