Unexpected Capabilities. Unmatched Service.
small business Saturday 2021

10 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. 25, 2023), here’s a closer look at the holiday’s importance and some of its defining numbers.

10 Fun Financial Facts About Small Business Saturday

    1. Since its founding in 2010, American consumers have spent roughly $184 billion on Small Business Saturday, according to surveys by American Express.
    2. That $184 billion included roughly $21 billion in 2022.
    3. 88% of small businesses say they need the support of customers in their community given the current economic climate.
    4. 55% of small business owners say Small Business Saturday will represent a “significant” contribution to overall holiday sales in 2023.
    5. 78% of consumers surveyed say that small businesses are essential to their community.
    6. The National Retail Federation expects nearly 66 million shoppers will turn out on Small Business Saturday. That compares to 71 million for Cyber Monday and 131 million for Black Friday.
    7. According to a Bankrate survey, 61% of holiday shoppers say they’re likely to do holiday shopping on Small Business Saturday, vs. 56% on Black Friday.
    8. 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.
    9. American Express estimates that 68 cents of every dollar spent at a small business in the U.S. stays in the local community.
    10. 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: $5.

Earlier in November, American Express announced an augmented reality (AR) experience called “Door to Shop Small” designed to drive more people toward brick-and-mortar and virtual small businesses alike. If you’re an American Express cardmember, you can earn a $5 statement credit by using their card in the “Shopping” category on the Shop Small Map or online directory between Nov. 20 and Nov. 25, 2023.

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 about what we can do? Reach out to us at 440.892.8900 or contact us online today.

Tags:  , | Posted in McManamon & Co., small business