14 Fun Financial Facts About Small Business Saturday
Small Business Saturday might not have the same cachet as Black Friday, and it certainly doesn’t have the same history. But this shopping holiday has become an important annual focal point for local businesses.
And it drives some real numbers.
Small Business Saturday, set for the Saturday after Thanksgiving, was started by American Express in 2010, as the U.S. was clawing its way out of the Great Recession.
The idea? “Encourage people to Shop Small and bring more holiday shopping to small businesses.”
With another Small Business Saturday on the horizon (Nov. 30, 2024), here’s a closer look at the holiday’s importance and some of its defining numbers.
14 Fun Financial Facts About Small Businesses and Small Business Saturday
- Since its founding in 2010, American consumers have spent roughly $201 billion on Small Business Saturday, according to surveys by American Express.
- That $201 billion included roughly $17 billion in 2023.
- The National Retail Federation expects more than 64 million shoppers will turn out on Small Business Saturday.
- 50% of Americans plan on shopping on Small Business Saturday, according to a Bankrate survey.
- The same survey shows that Gen Z (18-27) and Millennials (28-43) are the most likely to shop on Small Business Saturday, at 59%.
- 61% of Americans believe small businesses provide better customer service than large retailers, says Bankrate.
- The same percentage say small businesses offer unique gift ideas.
- 78% of consumers say they’d be willing to pay more to support small businesses.
- 87% of consumers say gifts from small businesses are more thoughtful.
- American Express estimates that 68 cents of every dollar spent at a small business in the U.S. stays in the local community.
- It also estimates that if every American Gen Z and Millennial shopper spent $10 at a small business on Small Business Saturday, it would generate $2 billion in local economic activity.
- The U.S. has more than 33 million small businesses.
- Almost 20 million new business applications have been filed since 2020.
- American Express has a stated goal of driving $100 billion in small business spending between 2021 and 2025.
Sources: American Express, National Retail Federation, Bankrate
We’ll tack on one more fun number here: $1.
This year, American Express teamed up with the U.S. Chamber of Commerce Foundation to help small businesses that have been affected by Hurricanes Helene and Milton. American Express will donate $1 to the Small Business Hurricane Recovery grant program for every purchase made on an AmEx card at a qualifying U.S. small business on Small Business Saturday.
Small Business Saturday is an important boom time for many local businesses, and it can end up making or breaking a company’s year. If that’s the case for your business, proper yearlong financial planning for this holiday is prudent. McManamon & Co. provides outsourced CFO and accounting services that can help you with budgeting, financial planning, forecasting, cash flow management and more.
Want to know more? Reach out to us at 440.892.8900 or contact us online today.
Tags: McManamon & Co., small business | Posted in McManamon & Co., small business