According to the U.S. Small Business Administration (SBA), Americans spent an estimated $17 billion on Small Business Saturday in 2023, highlighting its significant impact. Celebrated annually after Thanksgiving, Small Business Saturday was launched in 2010 by American Express and has been supported by the SBA since 2011. This event emphasizes the vital role that small businesses play in the U.S. economy.
Since 2010, an estimated $201 billion has been spent on small businesses during the annual Small Business Saturday, according to the SBA. Small businesses are the backbone of the U.S. economy, representing 99% of all businesses and contributing roughly 40% of the nation’s GDP reported by the U.S. Chamber of Commerce. For every dollar spent at a small business, approximately 68 cents stays within the local community, supporting public infrastructure and community services according to Techopedia.
According to LendingTree, over half of Americans (53%) plan to participate in Small Business Saturday. Younger generations, particularly Millennials (60%) and Gen Zers (58%), are likelier to shop small. Many consumers intentionally seek out small businesses for unique products and personalized experiences, especially during the holiday season.
Numerous small businesses have experienced tangible benefits from participating in this event. For example, according to Grasshopper, a toy store in Massachusetts reported a 126% increase in sales, while other businesses have gained new customers and heightened visibility. Such successes demonstrate the potential of this day to bolster small business revenues.
Small Business Saturday is more than just a shopping day; it promotes community engagement, strengthens economic resilience, supports local jobs, and enhances neighborhoods. In the face of rising inflation and economic challenges, it is crucial to support small businesses for their survival and the stability of local economies. This November 30th, take the opportunity to shop small and make a positive impact by uplifting your community while celebrating the entrepreneurial spirit of small business owners across the country.
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