American Express’s 12th Annual Small Business Saturday on November 27 brought in an estimated $23.3 billion in sales, up 18% from $19.8 billion in 2020, and an increase from pre-pandemic spending in 2019 ($19.6 billion).
While American Express based the sales estimates on its Small Business Saturday Consumer Insights surveys, not actual receipts, it shows many shoppers followed up with their intention of preferring to Shop Small this year.
In October, an Intuit Quickbooks survey found that 93% of shoppers said supporting small businesses during this holiday season was more important than ever because of the pandemic.
“This Small Business Saturday, communities coast to coast came together to show their support for the small businesses they cherish. We can all make a difference when we Shop Small and American Express is committed to encouraging consumers to do so all year long through our goal to drive $100 billion in consumer spending at small businesses over the next five years.”Elizabeth Rutledge, Chief Marketing Officer at American Express
Small Business Saturday Brings Awareness
Since American Express started Small Business Saturday in 2010, consumers reported they spent $163 billion at small businesses on this day, with 66% of consumers saying that Small Business Saturday made them want to Shop Small all year long.
Additionally, American Express data showed that as communities continue to cope with the effects of the pandemic, especially underrepresented business owners who were hit harder, consumers are being mindful about the businesses they frequent during this holiday season. 64% of respondents said they make it a priority to support and shop at underrepresented businesses in their communities.
Online shopping was up slightly on Saturday as well, with 58% of shoppers making a purchase online, compared to 56% in 2020 and 43% in 2019. eCommerce became a lifeline for many small businesses last year, and their efforts to invest in online sales channels continues to bring in much-needed revenue.
However, despite these positive data points, many small businesses are still in need of support to help navigate the fallout of the Covid-19 pandemic. American Express urges consumers to continue prioritizing shopping at independent retailers or their online destination throughout the holiday season.
The company said that a survey from Econsult Solutions, Inc. suggests that consumers shopping small throughout this holiday season could contribute an estimated $695 billion to the US small business economy.
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