Small Business Saturday 2022 Drives Projected $17.9 Billion in Sales Small Business Saturday 2022 Drives Projected $17.9 Billion in Sales
shop small

Small Business Saturday 2022 Drives Projected $17.9 Billion in Sales

This past weekend saw the kick-off to the holiday shopping season with Black Friday followed by Small Business Saturday. Now in its 13th year, the latter is a promotion meant to raise awareness for small local businesses and encourage consumers to support them. Now, the initial figures from this year’s event have arrived.

According to American Express (which actually invented the retail holiday in 2010), an estimated $17.9 billion were driven by Small Business Saturday 2022. Unfortunately, that’s down from the record $23.3 billion seen during 2021’s event. It’s also off from 2020’s $19.8 billion total and even the pre-pandemic 2019 tally of $19.6 billion.

This dip comes amid inflation that, while potentially boosting the dollar figure of sales made, does require consumers to think more carefully about their purchases as the money they’ve made likely won’t go as far this year as last year. In more positive news, Amex’s 2022 Small Business Saturday Consumer Insights Survey did find that nearly three-quarters (72%) of shoppers intended to continue shopping at smaller retailers throughout the rest of the holiday season, noting the impact this would have on their local community.

As revealed earlier this month, part of Amex’s Small Business Saturday promotion this year involved reaching younger consumers via TikTok. In fact, the company rolled out its #ShopSmall Accelerator, which aims to help entrepreneurs and small business owners use the short video platform more effectively for marketing. In addition to providing tips and tutorials, American Express is also offering a $100 TikTok advertising credit to eligible small businesses that are new to the platform, register for the offer, and purchase at least $50 in TikTok ads within 28 days of receiving the offer email. Small businesses have until December 24th to enroll for this deal.

Although the initial results of this year’s Small Business Saturday may be disappointing, the nearly-$18 billion total is still nothing to sneeze at. What’s more, there’s still plenty of time left in the holiday shopping season, allowing shoppers to catch up and continue supporting their local retailers. Also notable is that Amex’s push to reach younger shoppers only began a few weeks ago and could still have an impact later in the season. In fact, Amex’s research suggests that, if every Gen Zer and Millennial spent just $10 at a small business this holiday season, it would support $2 billion in local economic activity. Therefore, small business owners shouldn’t give up on this holiday season nor fear that the Small Business Saturday event is losing steam.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....