American Express has released the result of its Shop Small® Consumer Impact survey which aims to educate consumers about the positive impact of shopping small and raise awareness about the opportunities and challenges facing small businesses.
The findings reveal that 84% of Americans agree that the closure of small businesses negatively affects the local community and 73% believe that empty storefronts are a national issue.
It was also found that for every dollar that a consumer spends at a small business, $0.67 stays in the local community. Around 75% of the respondents said they would buy more from small businesses if they were aware of their impact.
In celebration of the 10th annual Small Business Saturday, American Express has prepared several initiatives to help small businesses thrive in the changing retail landscape. These include the Interactive Experience which will inform small business owners and consumers about the future of shopping small; the Future of Shopping Small Guide which contains actionable tips for developing future-proof small businesses; and a $10K grant for technological innovation in retail business management.
In addition to these initiatives, American Express will also launch a marketing campaign to raise greater awareness about the economic impact of shopping small. The company will also recognize Card Members’ spending at small merchants to show its impact on the local community.