Join us in shopping at small businesses on Saturday, November 26, 2022, the annual “Small Business Saturday.” As people in local communities increasingly recognize the value of “shopping small,” this annual event has become a cornerstone of holiday shopping traditions, fostering economic growth and community well-being.
“Small Business Saturday” serves as a reminder of the vital role small businesses play in local communities and the national economy. According to the U.S. Census Bureau, small businesses make up 99% of all U.S. businesses and employ nearly half of the private workforce. By choosing to shop small, consumers help sustain these enterprises, which are often more vulnerable to economic fluctuations.
Last Year’s Local Business Success
On November 27, 2021, the 12th annual “Small Business Saturday” marked a significant milestone, with U.S. consumers spending an estimated $23.3 billion at independent retailers and restaurants—a record high for the event. This initiative, launched by American Express in 2010 and co-sponsored by the U.S. Small Business Administration (SBA) since 2011, “Small Business Saturday” aims to encourage consumers to shop at local, independently owned businesses during the holiday shopping season.
In 2021 consumer participation in “Small Business Saturday” showed a positive trend. A CNBC/SurveyMonkey poll indicated that 34% of U.S. adults planned to shop at small businesses on that day, up from 30% in 2020. The increase was especially notable among younger adults aged 18 to 24 and Black consumers, reflecting a growing awareness and support for local businesses within these demographics.
Online shopping also played a significant role, with 58% of consumers making purchases online from small businesses, up from 56% in 2020 and 43% in 2019. This shift underscores the importance of digital platforms for small business success, especially amid ongoing challenges such as supply chain disruptions and staffing shortages.
The economic impact of “Small Business Saturday” extends beyond individual businesses. For every dollar spent at a small business, approximately 67 cents stays in the local community, supporting jobs, public services, and community development.
In 2021 this translated to substantial support for local economies across the country. Moreover, 78% of small business owners reported that holiday sales would significantly impact their ability to stay open in 2022, highlighting the critical nature of consumer support during the holiday season.
The success of last year’s “Small Business Saturday” demonstrated the power of community support and the resilience of small businesses.
