What is Small Business Saturday?
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UPDATED: Apr 23, 2021
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Small Business Saturday is a shopping holiday held in the United States on the Saturday after Thanksgiving.
It was created to combat the shopping frenzy of Black Friday and Cyber Monday, where large retail chains and e-commerce see the most revenue. Small Business Saturday allows for holiday shoppers to support shops within the local area, rather than heading elsewhere.
The holiday itself was created and marketed in 2010 by American Express. On Nov. 26, 2011, the U.S. Senate passed a resolution for the holiday.
Some experts say that the day is a response to the consumerism attached to Black Friday shopping. During the day, shoppers across the country are encouraged to support local shops and therefore increase their profits or reduce their yearly sales deficit. It lowers the scales and assists owners with funds for paying off debt, business loans, and employee wages.
It is nearly impossible to compete with the large chain stores on Black Friday, with their record-setting deals on electronics, furniture, and other items. After the wave of consumers has tired of the large chains, they can shop on a lower scale and slower pace in their neighborhood. The day allows for owners to profit from the biggest shopping weekend of the year.
On Nov. 24, 2012, Small Business Saturday, shoppers spent $5.5 billion at small businesses, rising above pre-estimates. Although there are no profit totals for 2011, overall consumer awareness rose significantly within one year’s time, jumping from 34 percent in 2010 to 65 percent in 2011.
Increased profits during the holiday season and on Small Business Saturday, in turn, assist at reducing the remaining cost of small business loans for owners. In addition, at disaster afflicted areas, such as Hurricane Sandy’s wreckage in the Northeast, some disaster business loans are able to be repaid due to an increase in revenue during the day. Additional marketing campaigns are created to boost support for businesses in struggling locations.
Through the past two decades, small and new businesses have successfully created two out of every three new jobs in the United States. Additionally, half of all working American citizens are either employed by a small business or own one.
Fueled by small business loans, a foundation of hard work and a newfound increase in commerce support on Small Business Saturday, the shops can survive.