Holiday shoppers alienated with the traditional bedlam of Black Friday should support Small Business Saturday by shopping locally on November 30—whether done in person or online. You can find an amazing mix of unique gifts and exceptional services to purchase for family and friends, while contributing to the well-being of your community’s economy.
From its 2010 inception by American Express and co-sponsored by the United States Small Business Administration (SBA) since 2011, Small Business Saturday has generated some $201 billion in consumer spending. In 2023—despite economic factors ranging from higher inflation to an increased cost of goods and services—an estimated 59 percent of consumers shopped and/or dined on Small Business Saturday, generating $17 billion in spending, only $1 million less than 2022’s revenue ($17.9B), according to its annual Consumer Insights Survey.
Survey responses for 2023 indicated that 61 percent of responding consumers reported they found a small business or independently-owned restaurant that they would patronize in the future, with 41 percent shopping with family, friends or neighbors. A total of 86 percent shopped in-store, while more consumers (53 percent) shopped online at a small business as compared to those (34 percent) who shopped online with large retailers.
Today, small businesses (500 employees or less) account for nearly 33.2 million U.S. businesses (99 percent of all businesses), employ 46.4 percent of those working in the private sector (61.7M) and create two out of every three new jobs.
For many communities, sales taxes account for a municipality’s largest source of budget revenue, often offsetting any need for a property tax increase. Home-rule municipalities like Elmhurst benefit even more from local taxes on food and beverage, retail, motor fuel, etc. More importantly, 68% of every $1 spent at a local small business stays in the community, as compared to 44% from a big box retailer.