- Posted by Michael Pennartz
- On February 1, 2018
- 0 Comments
Small Business Saturday was established by American Express back in 2010 in order to support a diverse array of local businesses that create jobs, boost the economy, and build community throughout the United States. The objective in establishing Small Business Saturday was to help small business owners to obtain more customers. November 25th was this year’s eighth annual Small Business Saturday. The following insights were collected from the 2017 Small Business Saturday Consumer Insights Survey conducted by the National Federation of Independent Business (NFIB) and American Express:
- An estimated 108 million consumers reported shopping or dining at local independently-owned businesses.
- Nearly half (48%) of consumers who participated in Small Business Saturday reported visiting a small business that they had not previously been to on Small Business Saturday.
- 84% of consumers who are aware of Small Business Saturday said the day makes them want to Shop Small all year long, not just during the holiday season.
- 58% of those who participated in the day reported shopping or dining at more than one small, independently-owned retailer or restaurant on Small Business Saturday this year.
- 73% of consumers who reportedly Shopped Small at independently-owned retailers and restaurants on Small Business Saturday did so with friends or family.
- An estimated four-in-ten (43%) American adults shopped or dined small on Small Business Saturday.
Small Business Saturday is fueled each year by activities (that demonstrates love and appreciation for small businesses) organized by ‘Neighborhood Champions’ like small businesses, business associations, local Chambers of Commerce, and other community organizers that encourage their communities to celebrate Small Business Saturday. In 2017, more than 7,200 ‘Neighborhood Champions’ (that is a 7% increase in comparison to 2016) throughout all of the 50 states celebrated Small Business Saturday thus engaging an estimated 2.2 million small businesses.
The truth is, every day can be a Small Business Saturday, small businesses are critical to our economy and the quality and character of our neighborhood. Since 1995, small businesses have generated 64 percent of new jobs, and paid 44 percent of the total United States private payroll. In New York, we are blessed with international retailers of every variety, but you don’t need to wait until Small Business Saturday to support your local business — you can help make every day a Small Business Day. At our company, we actively encourage our employees to support local small businesses and our business is built around helping small businesses succeed with small business loans and other financing options because we know funding matters for small businesses. According to the National Small Business Association, 73% of small firms used financing in the last 12 months and bank loans going to small businesses totaled almost $600 billion in 2015.
Mark your calendar for Small Business Saturday 2018, which is expected to be celebrated on Nov 24th!