Small Business Saturday (SBS), the day set aside by American Express for shopping small after consumers shop big on Black Friday, is expected to draw 64.4 million shoppers this year, according to the National Retail Federation.
While SMS will draw only about half the shoppers as Black Friday when 132 million people are expected, some 8% more shoppers are anticipated this year than on Small Business Saturday in 2019. And this year’s traffic boost is set against a backdrop where brick-and-mortar retail foot traffic is down some 3% from last year, according to Joe Shasteen of RetailNext.
Small businesses have an added psychological advantage on their shopping day as compared with big retailers on Black Friday. Consumers can see and feel the good they are doing with every purchase when patronizing small businesses.
Giving Back
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 with some 68 cents recycled back into the local economy.
Plus this year, Small Business Saturday shoppers will have an opportunity to give back to the recovery of small businesses in communities impacted by Hurricanes Helene and Milton.
For every purchase made on 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 that American Express has committed to help 1,000 small businesses in their hurricane recovery.
Small Business Saturday got its start in 2010 as the economy was coming out of the pandemic. It was an immediate success and has continued to grow over the last 15 years with Amex estimating that it has contributed $201 billion to local economies in that time.
“What we have continued to do every year is to reinforce a movement to shop small,” said Jessica Ling, executive vice president of global brand advertising for American Express where she overseas the Shop Small brand platform. “We are committed to rallying consumers around the power of shopping small.”
Answering The Call
Shoppers are responding to the rallying cry. Some 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 shopping small.
And an overwhelming 85% say they are committed to shopping small throughout the holiday shopping season with Millennials and GenZ (88%) even more devoted to the shop small movement.
Small businesses are counting on shoppers to support them this holiday season. Over 80% of the 500 small businesses surveyed said that 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 the stepped up promotional activity of major retailers.
Conscientious Consumers Shop Small
Another psychological advantage small businesses have this year is the growing trend toward conscientious consumerism and so-called “slow shopping,” which is the very definition of leisurely strolling along Main Street and intentionally shopping small.
Conscientious consumers think twice about making purchases, prioritizing needs over desires and looking to support brands and retailers that are good environmental stewards and conduct business ethically.
While big retailers and brands make a lot of noise around their environmental, social and governance (ESG) policies, consumers see the good works from those policies in action when they patronize small businesses in their local communities. Seeing is believing.
Championing Small Business
For the past 15 years, small businesses are grateful to American Express for championing their contributions to local communities.
And in Jessica Ling, American Express has found someone uniquely qualified to champion their cause. She grew up in a small business family that owned a string of Chinese restaurants in New Jersey.
“My first job in high school was working the takeout counter,” she shared with me. “I know exactly what it is like to come from a family of entrepreneurs where you don’t get the weekend or holidays off.
“So I grew up with a lot of heart and passion for small business. It’s been an absolute pleasure to join American Express in this opportunity to work for and with small businesses.”
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