Small Business Saturday 2024 Celebration in Charleston, SC with Singer-Songwriter Noah Kahan
Small Business Saturday (SBS), the day reserved by American Express for small purchases after consumers shopped big on Black Friday, is expected to attract 64.4 million shoppers this year, according to the National Retail Federation.
Although SMS will attract only about half as many shoppers as Black Friday, when 132 million people are expected, 8% more shoppers are expected this year than last. Small Business Saturday in 2019. And this year’s increase in traffic occurs in a context in which in-person traffic in physical stores has decreased by around 3% compared to last year, according to Joe Shasteen from RetailNext.
Small businesses have an additional psychological advantage during shopping day compared to large retailers during Black Friday. Consumers can see and feel the good they are doing with every purchase when they patronize small businesses.
Return
Yes, big retailers employ consumers’ neighbors, but small businesses are embedded in the very fabric of their communities. A dollar spent at a neighborhood small business is a virtual gift to the community and about 68 cents are recycled into the local economy.
Additionally, this year, Small Business Saturday shoppers will have the opportunity to contribute to the recovery of small businesses in communities impacted by Hurricanes Helene and Milton.
For every purchase made with an eligible American Express card at qualifying businesses, American Express will donate $1 to the U.S. Chamber of Commerce Foundation. This is in addition to the $5 million American Express has committed to helping 1,000 small businesses. companies in their recovery after the hurricane.
Small Business Saturday began in 2010 as the economy was emerging from the pandemic. It was an immediate success and has continued to grow over the past 15 years; Amex estimates it has contributed $201 billion to local economies in that time.
“What we’ve continued to do every year is reinforce a movement to shop small,” said Jessica Ling, executive vice president of global brand advertising at American Express, where she runs the Shop Small brand platform overseas. “We are committed to mobilizing consumers around the power of shopping small.”
Answering the call
Buyers are responding to the rallying cry. About 75% of the 1,000 American adults surveyed by Amex in October believe small businesses are essential to their communities and 63% feel a personal connection to their community when they make small purchases.
And an overwhelming 85% say they are committed to shopping small during the holiday shopping season, with Millennials and GenZ (88%) even more dedicated to the small-quantity shopping movement.
Small businesses are counting on shoppers to support them this holiday season. More than 80% of the 500 small businesses surveyed said Small Business Saturday will be more important than ever, up from 48% in 2023, and 87% expect their holiday sales to be stronger than last year, despite the impact of inflation and increase. Promotional activity of major retailers.
Conscious consumers shop small
Another psychological advantage that small businesses have this year is the growing trend towards conscious consumerism and the so-called “slow purchases”, which is the very definition of leisurely strolling down Main Street and intentionally making small purchases.
Conscious consumers think twice before making purchases, prioritize needs over wants, and seek to support brands and retailers that are good environmental stewards and conduct business ethically.
While big retailers and brands make a lot of noise about their environmental, social and governance (ESG) policies, consumers see the good results of those policies in action when they patronize small businesses in their local communities. Seeing is believing.
Defending small businesses
For the past 15 years, small businesses thank American Express for championing their contributions to local communities.
And in Jessica Ling, American Express has found someone uniquely qualified to champion its cause. He grew up in a family of small business owners who owned a series of Chinese restaurants in New Jersey.
“My first job in high school was at the takeout counter,” he shared with me. “I know exactly what it’s like to come from a family of entrepreneurs where you don’t have weekends or holidays off.
“So I grew up with a lot of heart and passion for small businesses. “It has been a real pleasure to join American Express for this opportunity to work for and with small businesses.”
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