Small Business News
2024 Small Business Saturday Spending Totals $22 Billion
The results from the 15th annual Small Business Saturday are in.
About Small Business Saturday 2024 spending:
With Small Business Saturday taking place on November 30th, the impact of this year’s event is now being seen. According to figures from American Express — the credit card issuer that founded Small Business Saturday in 2010 — consumers in the United States are projected to have spent $22 billion at independent shops and restaurants on the retail holiday this year. That marks a nearly 30% increase from last year’s $17 million total. However, 2024 did fall slightly short of the $23.3 billion spending record from 2021. In total, over the past 15 Small Business Saturdays, spending at small businesses has hit $223 billion.
In a survey taken prior to this year’s Small Business Saturday event, 85% of consumers surveyed said they planned to Shop Small this holiday season. This figure increased to 88% among Millennials and Gen Zers. As for why they intended to Shop Small, 64% explained that they appreciated that a portion of their purchases directly impacted their community. Moreover, three-quarters of those surveyed agreed that small businesses were essential to their neighborhoods.
This year, 84% of small business owners surveyed agreed that Small Business Saturday is “more critical than ever” (up significantly from 48% in 2023). These entrepreneurs also expressed increased optimism heading into the shopping season with 95% sharing a positive outlook. That’s notably up from the 83% who said the same in 2023. Similarly, the percentage of business owners who expect their holiday sales this year to be stronger than the last rose from 65% to 87%.
As for Amex, this year, they helped support independent retailers impacted by recent hurricanes through a giving pledge. For every Small Business Saturday transaction that Amex cardholders made at a business listed on the Shop Small Map, the company donated $1 to the U.S. Chamber of Commerce Foundation to assist storm-affected businesses. Additionally, Amex previously launched a $5 million Small Business Hurricane Recovery grant program.
My thoughts:
It’s great to see that, after a few down years, Small Business Saturday is growing once again. What’s also encouraging is that, while the retail holiday has long since eclipsed its Amex origin story, the company continues to support and promote it in unique ways. To that point, tying purchases made this year to hurricane relief efforts is a great move that will hopefully make a difference for impacted businesses.
With a solid 2024 Small Business Saturday now in the book, here’s to an even better holiday season for small businesses — and to a stellar 2025.
Author
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