According to the US Small Business Administration, small businesses make up about 90% of business in the US and employ approximately 47% of our workforce. Small business is the heart and soul of American business.
Small Business Saturday, which is always the Saturday immediately following Thanksgiving, was created by American Express in 2010. It was essentially a marketing initiative to help the country bounce back from the recent recession and give small business a way to combat Black Friday and Cyber Monday.
What began as a simple initiative has exploded into an evergreen campaign. In 2011, Senate passed a resolution to support Small Business Saturday, and in 2022 this one day of sales recorded an astounding $17.9 billion in revenue across the US.
Entrepreneurs and Small Business owners have been supporting local economic economies for centuries. To owners these businesses are so much more than simply a livelihood, they are an extension of who they are.
A recent Forbes study shows that Small Business Saturday is attracting a much younger consumer. Millennials, Gen Z and Gen X shoppers prefer supporting small businesses as they enjoy a more personalized shopper experience and feel like they are able to contribute to their local economy when they choose to “shop local”.
Although all the numbers are not yet reported, it appears Small Business Saturday 2023 has surpassed the 2022 revenue numbers. 2023 Forecasts are coming in at over $19 billion.
The Grand Strand is composed of thousands of small businesses, so let’s continue to support them this holiday season.
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