Saving some Black Friday dollars to spend on Main Street the next day more beneficial for all
FOR IMMEDIATE RELEASE
Contact: Suzanne Budge, Idaho State Director, [email protected]
or Tony Malandra, Senior Media Manager, [email protected]
BOISE, Idaho, Nov. 21, 2023—The state director for Idaho’s leading small business association today called on Idahoans to save some of their Black Friday dollars to spend on Main Street the next day, November 25, Small Business Saturday.
“Small businesses across the nation are not faring well these days,” said Suzanne Budge, Idaho state director for the National Federation of Independent Business (NFIB), the state’s and nation’s leading small business association. “Any little boost they can receive on Small Business Saturday will go a long way toward making this holiday season one that will encourage them to continue keeping their doors open for business into the new year.”
According to Econsult Solutions, “… the clear economic benefits that communities receive from small businesses are difficult to ignore. Typically, roughly 60-70% of money spent on buying locally is funneled back into the community, vs. About 40-50% when buying from non-locally owned businesses. This is consistent with a study … which found that 67% of money spent on local businesses remains circulating within the community … Keeping money localized is important, as is the creation of new jobs, which local businesses are adept at doing. Small businesses account for just under half of all economic activity across the U.S., and the more that small businesses are supported and created, the number of jobs they will create will only increase as well.”
According to NFIB’ latest monthly Jobs Report, Tight Labor Market Continues to Hinder Main Street, “In October, 43% of all owners reported job openings they could not fill in the current period … The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 23%.
NFIB’s other research study, the Small Business Economic Trends report, showed “The Optimism Index decreased 0.1 points in October to 90.7, marking the 22nd month below the 50-year average. The last time the Optimism Index was at or above the average was December 2021 … Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, down one point from last month. Owners expecting better business conditions over the next six months was unchanged from September at a … negative 43%”
NOTE TO EDITORS: NFIB research are national snapshots not broken down by state.
“Will a great Small Business Saturday cure all that is ailing small businesses? No. But for small businesses, most of which operate on the thinnest of profit margins, it could be the incentive to stick it out,” said Budge. “Another thing that would be of immense help would be Congress extending the Small Business Deduction, which so many Main Street enterprises rely on, beyond its 2025 expiration date.”
According to Wikipedia, “First observed in the United States on November 27, 2010, Small Business Saturday is a counterpart to Black Friday and Cyber Monday, which feature big box retail and e-commerce stores respectively. By contrast, Small Business Saturday encourages holiday shoppers to patronize brick and mortar businesses that are small and local.”
Keep up with the latest on Idaho small business at www.nfib.com/idaho. Follow us on Twitter at @nfib_id.
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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
National Federation of Independent Business/Idaho
802 W. Bannock, Ste. 301
Boise, ID 83702
208-345-6632
www.nfib.com/idaho
Twitter: NFIB_ID
