American consumers spent an estimated $19.8 billion at independent retailers and restaurants on Small Business Saturday, according to data recently released by American Express, up from $19.6 billion last year.
Data show shoppers from coast to coast made a significant impact at small businesses during the 11th annual Small Business Saturday, held Nov. 28. Started by American Express in 2010 and co-sponsored by the U.S. Small Business Administration since 2015, Small Business Saturday continues to provide small businesses and communities across the country with an economic boost to start the holiday shopping season.
Not surprisingly, online shopping at small businesses on the day was up significantly, with 56 percent of shoppers making a purchase online, up from 43 percent in 2019. More than 50 percent of Americans who reported shopping small on the day said they supported a small business through social media by endorsing local shops or shopping at a small business because of a recommendation on social media.
“Small Business Saturday’s success is proof of the economic benefits of supporting our locally-owned small businesses,” said the SBA’s acting Mid-Atlantic regional administrator Steve Bulger, who oversees the federal agency’s operations in Pennsylvania, West Virginia, Virginia, D.C., Maryland and Delaware. “Most survey respondents who shopped on Small Business Saturday say shopping at small, independently-owned businesses supports their commitment to making purchases that have a positive social, economic and environmental impact.”
“Small local businesses are the largest employers nationally,” said SBA Eastern Pennsylvania deputy district director Michael Kane. “They are responsible for producing 2 out of every 3 new jobs each year and for generating more than 40 percent of private sector payroll. Half of all working Americans either own or work for a small business. These small business owners and workers live in the local community and are vested in their community’s welfare and future. Supporting small business is a smart choice every day.”
The survey also demonstrates the broad awareness that the Small Business Saturday movement has raised among consumers, with 97 percent of shoppers recognizing the positive impact they can make by shopping small, and 85 percent reporting they also encouraged friends and family to do so, too.
