The National Retail Federation recently published its 2024 holiday spending report, which notes the average person is expected to spend $902 on holiday gifts, food and decorations. That represents a modest $25 increase over last year.
Another NRF statistic worth noting is that 57% of consumers plan to make holiday purchases online this year. Despite the continued proliferation of online marketplaces like Amazon, Etsy and big box retailers, that rate declined slightly from 58% in 2023.
Certainly, online shopping offers convenience, competitive pricing and a vast selection of options. However, online shopping also can pull money out of our local community if you’re not purchasing items from a local business. Less money flowing into the local economy means less job creation and less business growth.
American Express, which champions Small Business Saturday, notes that 68 cents of every dollar spent at a small business stays in the local community. Additionally, every dollar spent at small businesses creates an additional 48 cents in local activity as employees and businesses purchase local goods and services.
Small Business Saturday, which is being celebrated Nov. 30, is just one day of the year, but imagine if collectively we all committed to supporting local small businesses that day. Here are two options for Small Business Saturday:
Take $20 to a local business: Based on U.S. Census estimates, if every adult in Southwest Florida spent just an extra $20 at a local business on Small Business Saturday, we would inject an additional $25.2 million into the local economy. Local businesses would use those funds to pay wages, purchase additional products and support local nonprofits, strengthening the region’s economic cycle. Even national companies with brick-and-mortar stores, restaurants and hotels in Southwest Florida employ area residents – our neighbors, friends and fellow churchgoers. That’s why visiting establishments in person is so important.
Shop local, but online: Many small businesses and local companies that sell their products in brick-and-mortar stores also have e-commerce sites to reach larger audiences. Norman Love Confections for example, is a Fort Myers-based business with seven chocolate salons, as well as a thriving online business. Other local businesses sell their goods through Facebook Marketplace. It’s entirely possible to shop online and shop local at the same time.
It’s not easy to run a small business. There is competition from near and far. There are financial pressures with inflation and recessions. There are challenges posed by hurricanes, government regulations and shortages of talented workers. The least we can do is agree to support the small businesses that are the lifeblood of our economy.
Teri Hansen, APR, is founder, president and chief creative officer at Priority Marketing.
This post was originally published on here
