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Retail news that keeps industry pros in the know
Squeezed between Black Friday and Cyber Monday is Small Business Saturday, a marketing initiative originally created by American Express to encourage holiday shopping at small businesses.
This year, half of consumers are expected to shop that day, with 51% saying they prefer to patronize small businesses than bigger retailers for holiday shopping, according to American Express’s Shop Small Impact study.
- This year will mark the 14th annual Small Business Saturday, which is estimated to have brought in $184 billion from consumers since 2010.
But there are things small businesses can do to reach more customers: More than half of consumers (53%) said that if small businesses had technology and digital tools to make the shopping experience easier, they would be more likely to shop with them.
- Also, there’s a bit of a generational split when it comes to who shops on Small Business Saturday. Nearly three-quarters of millennials (72%) said they plan on spending on Small Business Saturday, compared to 69% of Zoomers, 59% of Gen Xers, and 51% of baby boomers, according to Bankrate data.
“While holiday shopping seems to start earlier every year, Thanksgiving weekend still includes several important events for retailers and consumers,” Ted Rossman, senior industry analyst at Bankrate, said in a statement. “With Americans seemingly in a frugal mood this holiday season due to high inflation and high interest rates, I think this will be the best discounting season in years.”