Shopping Day’s Totals Likely To Surpass 2014 Levels
Small Business Saturday continued its track record of growing Americans’ awareness of, and support for, their local, small businesses. According to preliminary data in a release from NFIB and American Express, Small Business Saturday spending on Nov. 30 reached 16.2 billion, up 14% from the total in 2014. Additionally, the Small Business Saturday Consumer Insights Survey conducted by NFIB and American Express found that “more than 95 million consumers shopped at small businesses on Small Business Saturday, marking an eight percent increase from 2014.” And, there were “more than 4,100 Neighborhood Champions” across the US who “rallied local businesses and created events in their communities for Small Business Saturday — an increase of 48 percent over last year.” The survey also showed that “more than 425 organizations joined the Small Business Saturday Coalition – an increase of 11 percent over last year.” Commenting on the results, NFIB President and CEO Dan Danner said, “It’s very encouraging to see small businesses participate every year and more shoppers giving local entrepreneurs a chance to compete for their business. Americans are returning to Main Street for the things they need and ultimately that’s a very healthy economic trend.”
“Despite the lack of an extra monetary push for consumers to shop” at small businesses through American Express perks, the International Business Times reported that “some stores have seen an uptick in customers on the shopping holiday” as it continues to steer consumers’ attention. AmEx this year “cut its shopping incentives, such as $10-$30 in statement credits for its cardholders that shopped with small businesses,” but a survey conducted by the company and the National Federation of Independent Businesses found 55 percent of Americans are now aware of the holiday, with 83 percent of those saying it “inspires them to shop all year long” at small businesses.
What This Means For Small Businesses
Small businesses depend upon the holiday season to make a significant chunk of their annual income. Small Business Saturday follows the traditional first day of the shopping season, Black Friday, so it can serve as an important early indicator of how consumer spending may look for the rest of the holiday season. News that Small Business Saturday was more successful in 2015 than previously is a positive indication that small businesses continue to benefit from this promotion, and can capitalize on increased business moving further into the busy shopping season.
On Fox News’ America’s News HQ, National Retail Federation CEO Matthew Shay discussed Small Business Saturday. CNBC previewed Small Business Saturday, noting that sales were expected to surpass those in 2014. The Chicago Tribune also reported on changes to American Express’ involvement in Small Business Saturday.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.