Small Business Saturday is an ideal opportunity for small business owners to showcase their products and attract new customers. The event, which takes place on the first Saturday after Thanksgiving, has become increasingly popular over the last few years. Here are three surprising facts that explain why Small Business Saturday is a must-attend event.
1. Small Business Saturday has a significant economic impact.
Small Business Saturday was launched in 2010 by American Express, with the aim of encouraging consumers to shop local and support their local businesses. Since then, the event has grown significantly. According to the National Retail Federation, in 2019, 110 million consumers spent an estimated $19.6 billion on Small Business Saturday. This was an increase of 7.6% from the previous year.
This surge in spending is great news for small business owners. When consumers shop at independent retailers, they help to support the local economy. This, in turn, creates new jobs and boosts the local tax base. Small businesses are the lifeblood of many communities, and Small Business Saturday helps to keep them thriving.
2. Small Business Saturday attracts younger consumers.
One of the most surprising facts about Small Business Saturday is that it attracts younger consumers. According to a survey by the National Retail Federation, in 2019, 47% of consumers aged 18-24 shopped at small businesses on Small Business Saturday. This is significantly higher than the overall percentage of consumers who shopped on the day (37%).
This trend is good news for small business owners, as it suggests that younger consumers are more interested in supporting local businesses than older generations. These consumers are also more likely to use social media to share their experiences with friends and family, giving small businesses valuable exposure.
3. Small Business Saturday boosts online sales.
Although Small Business Saturday is primarily focused on promoting local shopping, it also has a significant impact on online sales. According to the same National Retail Federation survey, in 2019, 67% of consumers who shopped at small businesses on Small Business Saturday did so online. This suggests that the event is not just about physical shopping, but about promoting small businesses more broadly.
Small business owners can take advantage of this trend by promoting their online stores ahead of Small Business Saturday. In addition to offering discounts and promotions, small businesses can also use social media and email marketing to reach out to potential customers.
Conclusion
Small Business Saturday is a must-attend event for small business owners. Not only does it have a significant economic impact, but it also attracts younger consumers and boosts online sales. By participating in Small Business Saturday, small business owners can connect with their communities, attract new customers, and promote their businesses more broadly. So mark your calendars and get ready to celebrate Small Business Saturday this year!
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)