During Black Friday, retail giants such as Amazon and Walmart are vying for large profits, but the lesser-known Small Business Saturday is expected to maintain its successful track record with nearly 32 million small businesses taking advantage of enthusiastic consumer spending and robust government investment.
A recent survey by American Express of small business owners found that “55% anticipate Small Business Saturday will significantly boost their overall holiday sales this year.” According to a consumer survey conducted by the company in October, half of respondents said they plan to participate in the upcoming Small Business Saturday, and 85% said they expected to shop at small businesses this holiday season.
Over the past 13 years, consumers have reported spending nearly $184 billion during Small Business Saturday. After last year’s event, 72% of shoppers said that the campaign motivated them to support small, independent retailers throughout the year. Small Business Saturday was estimated to drive nearly $18 billion in consumer spending last year.
Donnell Johns, from Veterans Growing America, noted that Small Business Saturday increases awareness for shopping small and has seen an uptick in support for small businesses over the last several years.
Ken Moorman, founder of Jirani Coffeehouse in Manassas, Virginia, mentioned that Small Business Saturday typically results in a 10% increase in sales compared to a regular Saturday.
American Express initiated the Small Business Saturday campaign in 2010 to encourage holiday shoppers to support local small businesses. The Small Business Administration has co-sponsored the initiative since 2011, and new federal data indicates that this year’s holiday comes at a particularly good time for small independent entrepreneurs.
The SBA announced it had invested nearly $50 billion to support American small businesses in fiscal year 2023, with increasing lending to minority-owned businesses. In a statement, SBA Administrator Isabel Casillas Guzman highlighted the administration’s commitment to addressing persistent inequities in accessing capital for small businesses.
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