According to the American Express Shop Small Impact survey, 56% of small businesses agree this year’s Small Business Saturday is “more critical than ever for their business” and 78% say holiday sales will impact their capacity to remain open in 2022.
The 12th Small Business Saturday by American Express is scheduled to take place on November 27. The campaign is part of the company’s goal of bringing $ 100 billion in consumer spending to small businesses by 2025.
At the same time, Amex data shows that consumers have the potential to contribute an estimated $ 695 billion to the small US economy. And survey results indicate they’ll definitely give it a try, with 80 percent of consumers saying they’re likely to shop at small businesses during the holiday season.
Excitement is mounting among consumers and small businesses ahead of the holidays, with 63% of small business owners surveyed saying they are preparing for a bigger holiday shopping season than last year despite the supply chain and other challenges due to the pandemic, âsaid Elizabeth Rutledge, director of marketing at American Express. âWe are mobilizing consumers to help deliver a strong holiday season for small businesses in communities across the country. It is so important to support our favorite small businesses not only on Small Business Saturdays, but throughout the holidays and throughout the year.
To better understand the sentiment of young consumers in particular, Amex also conducted a survey of Generation Z consumers. Notably, the survey results indicated that this cohort is particularly favorable to independent businesses in their community, 93% of Gen Z consumers who say they are likely to shop online or in stores as part of their vacation shopping this year.
Additionally, 78% of Gen Z survey respondents said they believe small businesses are essential to their community and 84% said supporting small businesses is important because of the impact that the pandemic has had on them. While this is substantial, Gen Z sentiment and support hasn’t eclipsed other generations. In comparison, the company’s survey of consumers of all generations found that 89% said they felt it was important to support small businesses in their community due to the impact of the pandemic. .
To further the message of small shopping during the span of the critical holiday season, American Express announced three new initiatives around Small Business Saturday. These initiatives include a partnership with Google to roll out purchasable murals nationwide to leverage Google Lens technology, a pop-up in Los Angeles to support black-owned merchants, and an online marketplace powered by Showfields. called ByBlack, and an included grant program of $ 1.65 million. called “Backing Small” designed to provide small businesses with support both proactively and in response to need.
According to the results of the 2021 Shop Small Impact Business Study, new challenges that small businesses need help with now include the concern of having enough inventory (58%), the worry of losing customers if they can’t find the product they’re looking for (56%) and the impact vacation sales will have on their business in 2022 (78%).
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