Shopping Small on Small Business Saturday Adds Up

NEW YORK — In honor of the 10th annual Small Business Saturday, which takes place tomorrow, American Express has released a survey that shows why support of small businesses is vital.

According to the Shop Small Consumer Impact survey from American Express, 73% of respondents feel that empty storefronts are a national issue and 84% agree that the increase in empty storefronts and closing of small, independently owned businesses negatively affects their local community.

“We recognize the hardships faced by small business owners today and want to inspire people to take notice and Shop Small to support their communities on Small Business Saturday and beyond,” said Elizabeth Rutledge, chief marketing officer at American Express. “Retail is changing, but local shops are the fabric of our communities, helping them to thrive in the future is part of our brand ethos and backing promise.”

An average of 67 cents of every dollar spent at a small business in the U.S. ends up staying in that local community, but the impact does not stop there. The Shop Small Consumer Impact Survey from American Express found that when consumers are aware of their impact, 75% say they would be more likely to purchase a product or service from a small independently owned business.

Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers.

Over the past nine years, consumers reported spending more than $100 billion at small businesses on Small Business Saturday. Based on that reported spend, and taking into account that an average of two-thirds of every dollar spent at a small business stays in that community, an estimated $67 billion has stayed local on Small Business Saturday, helping communities thrive.

Thousands of community organizations across the nation have already pledged to be neighborhood champions this year, committing to host events and activities on Small Business Saturday to rally their communities and increase awareness of the benefits of shopping small with consumers.

For the 10th annual Small Business Saturday, American Express has developed an interactive experience and handbook to help small businesses prepare for the future of shopping small. The company is also committing to making shopping small a year-long movement and will launch a marketing campaign to bring greater awareness to the impact in local communities.

SOURCE: American Express

Copyright 2022 The Business Journal, Youngstown, Ohio.