Small Business Saturday, the local, small business shopping day launched by American Express, will fall on November 28 this year. The day has gotten so big that it was officially recognized this year by Congress! So what does this shopping day mean for you?
Shop small, support the community
American Express started Small Business Saturday in 2010 to encourage people to buy from local businesses in their area. According to the American Independent Business Alliance, 48% of each purchase at local independent businesses is re-circulated locally, compared to less than 14% of purchases at chain stores. This has a huge impact on the overall financial ecosystem in a community.
The logic behind Small Business Saturday is to not only supporting small businesses, but also to keep more money in the communities that benefit from it. In addition, since small businesses provide two of every three new jobs, it definitely helps to boost the economy when consumers choose to shop small.
Small Business Saturday deals
Many small retailers are offering discounts for Small Business Saturday, which is fast becoming the biggest local shopping day of the year.
For example, according to the York Dispatch, local stores in York, Pennsylvania, benefited immensely from promotions organized by a local marketing agency. Many of those businesses report ‘banner days,’ and one in particular reported sales increases of more than 200%!
While American Express is abandoning the larger statement credit to all customers who shop small, it is offering some customers a “Shop Small in November” promotion, crediting $10 on their statement for those who spend $10 at a small business. However, this offer is not being widely promoted. Instead, the major credit card company is focused on helping small businesses with ideas and support to help them succeed.
Now that the word is out about Small Business Saturday, it still makes sense to shop small whenever possible. Supporting local business means supporting your community – and that’s always a good thing!
To find small businesses near you, visit the American Express SBS website here. Also, if you plan to shop on Saturday, November 28, be sure to use #shopsmall on social media to show your support!