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Credit Card Applications » News » Other » Small Business Saturday Spending Forecast

Small Business Saturday Spending Forecast

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Small Business Saturday Spending Forecast
November
27

Small Business Saturday is strategically sandwiched between Black Friday and Cyber Monday and people are gearing up to shop small this weekend, according to a new study by American Express with 77% planning on shopping locally on November 28th and 65% saying they will spend at the very least $100. Small Business Saturday has been effective in other ways, with 83% of shoppers saying that it gets them to shop locally throughout the year.

This is the sixth year for the day dedicated to small business, with awareness among shoppers at record levels, according to the fourth annual Small Business Saturday Consumer Insights Survey. The study was released in conjunction with the National Federation of Independent Businesses.

Paying more locally is trending

Are you willing to pay more when shopping locally? If so you are in good company, with 80% of people reporting they are willing to pay a little more at a local shop. Many are planning on doing a third of their holiday shopping in their neighborhood.

Forty-five percent of shoppers are expecting to spend more this year on Small Business Saturday than they did in 2014. Why? For two-thirds the answer is pretty simple–it’s a way to give back and show their appreciation for all that local business do for their neighborhoods.

Making Small Business Saturdays a success

American Express began Small Business Saturday to remind people to support local businesses, and no doubt it’s been successful. “Small Business Saturday has grown every year and it’s been a big boost to Main Street America,” said NFIB CEO and President Dan Danner. “We are very proud to partner with American Express once again this year to promote an event that connects American consumers with their hometown businesses.”

While American Express has taken the lead in this initiative, the Small Business Saturday Coalition plays a role in keeping it going and its success, by coordinating some of the Shop Small events. The coalition was started in 2011 by the Women Impacting Public Policy, and includes national, state and local associations.

Neighborhood champions, made up of business associations, small businesses and local Chambers of Commerce’s, also help out by running activities for Small Business Saturday. Since last year the number of neighborhood champions helping out has gone up 26 percent, going from 2,786 last year to over 3.500 in 2015.

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