NEW YORK – Small Business Saturday, held on Nov. 24, kicked off the holiday shopping season for consumers and small, independently owned businesses with record levels of reported spending.
“Small and independent businesses depend on holiday sales and the shoppers that Small Business Saturday brings into their stores and online shops,” said National Federation of Independent Business (NFIB) President and CEO Juanita Duggan, in a press release. “Small businesses contribute so much to the economy and unique character of our communities.”
Total reported spending among U.S. consumers who said they shopped at independent retailers and restaurants on Nov. 24 reached a record high of an estimated $17.8 billion, according to data released this week from the 2018 Small Business Saturday Consumer Insights Survey from American Express and NFIB. Based on this annual survey over the years, Small Business Saturday spending has now reached a reported estimate of $103 billion since 2010.
Communities across the United States and Puerto Rico celebrated Small Business Saturday with special events and activities. From lighting the Empire State Building blue in New York to crafting a life-sized Shop Small gingerbread shop in San Diego, to block parties featuring local jazz and salsa bands in San Juan, businesses and neighborhoods showed what makes their communities unique and vibrant. An estimated 104 million U.S. consumers reported shopping or dining at local independently owned businesses on Small Business Saturday, according to the same survey.
The survey also found that an estimated seven in 10 (70%) American adults are aware of Small Business Saturday. Among consumers who said they shopped small on the day, 42% reported shopping with family and friends at independently owned businesses, and 83% reported encouraging others to also shop or dine small. Shoppers also turned out for online small businesses, among consumers who said they participated on the day, 41% reported that they shopped small online on November 24.