The less-celebrated Small Business Saturday aims to maintain its record of success for the nearly 32 million small enterprises riding a wave of excited consumer spending and robust investment from the government, while major retailers like Amazon and Walmart expect substantial revenue from Black Friday.
A recent American Express survey of small business owners indicates that 55% of them believe Small Business Saturday will have a major impact on their overall holiday sales this year. In an October consumer survey, half of the participants said they would like to take part in Small Business Saturday, and 85 percent said they would like to shop small this holiday season.
According to the company, customers have reported spending close to $184 billion on Small Business Saturday over the previous 13 years. Following Small Business Saturday in 2018, 72% of consumers responded to an American Express survey, stating that the campaign encouraged them to dine and shop at small, independent businesses all year long. According to American Express, last year’s Small Business Saturday helped consumers spend close to $18 billion.
Small Business Saturday is important, according to Donnell Johns, the founder of Veterans Growing America, an organization that promotes small businesses owned by veterans and military spouses. This is because it raises awareness of the importance of shopping small. Over the past few years, he claimed, “We’ve definitely seen an increase in the number of people who come out and support small businesses.”
For Ken Moorman, the creator of Manassas, Virginia’s Jirani Coffeehouse, Small Business Saturday signifies an average 10% increase in sales compared to a regular Saturday.
“Small Business Saturday was huge before COVID, and it started to pick back up last year,” Moorman stated, expressing his expectation for even greater participation this year. As everyone knows, small businesses are the backbone of the US economy. It’s a good idea to remind everyone once a year to “don’t forget the little guy.”
In an effort to encourage holiday shoppers to support small businesses in their communities, American Express launched the Small Business Saturday campaign in 2010. It has evolved into a mom-and-pop equivalent of Black Friday, which is frequently controlled by enormous national and international companies. Since 2011, the Small Business Administration has co-sponsored the initiative. According to recent federal data, small independent entrepreneurs are expected to greatly benefit from the holiday this year.
American Express has always supported small businesses; we make an effort to fully comprehend them and cater to their changing needs. Through our annual Small Business Saturday and year-round Shop Small campaigns, we also recognize the impact that supporting small businesses has on strengthening local communities,” American Express Chief Marketing Officer Elizabeth Rutledge stated in a news release last week. “We hope that this year’s interactive experience and Small Business Saturday will excite and engage consumers nationwide as we kick off the crucial holiday shopping season.”
The SBA said in a press release on Tuesday that it had committed almost $50 billion in fiscal year 2023 to helping small businesses in the United States. According to the SBA, it contributed $27.5 billion in 7(a) loans, which are its main lending program. Over 57,300 7(a) loans in total, each with a maximum of $5 million, were backed by the SBA. The fact that 7(a) loans have risen above pre-pandemic levels suggests that the relatively vulnerable small business sector is beginning to recover.
Source: Cosmo Politian
