Since Small Business Saturday was created by American Express in 2010, the annual shopping holiday in the U.S. has generated around $120 billion in revenue and consumer spending continues to grow every year. This year’s revenue is expected to grow by $2 billion.
A survey found that 70% of Americans are already aware of the event and 97% of those who shopped small believe that small businesses are important to their local communities. Another survey conducted by the National Federation of Independent Business and American Express found that 95% of consumers who participated in Small Business Saturday said the event made them want to purchase from independent and small retailers year-round.
These findings inspired the credit card giant to expand the idea of shopping small into a year-round practice. The company has already released the Future of Shopping Small Guide and the Big Future of Shopping Small interactive experience to help small business owners future-proof their businesses.
According to Marianne Rausch, American Express’ vice president of Small Business Saturday and Shop Small, it is important to support small businesses because of the ever-evolving retail landscape and because of their significant contribution to their local communities.