Small Business Saturday More Popular Than Ever
November 26 is the seventh annual Small Business Saturday, dedicated to supporting local businesses that create jobs, boost the economy and preserve neighborhoods. Results from the fifth annual Small Business Saturday Consumer Insights Survey, from the National Federation of Independent Businesses (NFIB) and American Express, which created Small Business Saturday in 2010, show that more consumers than ever, 58 percent, are aware of the event, up from 55 percent in 2015.
The survey also found that 62 percent of consumers who are aware of Small Business Saturday and who plan to shop locally on the day say the main reason they plan to shop at small retailers or eat at independently-owned restaurants is because they value the contributions small businesses make to their community.
“Since its inception, Small Business Saturday has brought national attention to supporting the local businesses we love,” says Elizabeth Rutledge, executive vice president, global advertising and brand management at American Express. “Small Business Saturday reminds consumers of how valuable small businesses are to our communities, and we are incredibly proud to be the founding partner.”
Of consumers who are aware of Small Business Saturday, 89 percent agree that the day encourages them to “shop small” all year long, not just during the holiday season. Nearly eight in 10 (79 percent) consumers say they are willing to pay slightly more for an item if it is purchased from a small, independently-owned retailer as opposed to online or at a large retailer—on par with last year. Of those who are aware of Small Business Saturday and planning to shop and dine on the day, two thirds (67 percent) say that they plan to spend at least $100 at small businesses, a slight increase from 2015 (65 percent).
“Small businesses across the nation are often run by the friends, family and neighbors that we know so well, so supporting them is not only personal but critical to their success,” says NFIB CEO and President Juanita Duggan. “Partnering with American Express to promote the awareness and importance of shopping small is something we are very proud of, and this year we look forward to another successful Small Business Saturday.”