Black Friday marks the beginning of the holiday shopping season. According to data from the National Retail Federation, 130.7 million people planned to shop on Black Friday this year. But between Black Friday and Cyber Monday is Small Business Saturday, an opportunity for consumers to support their local communities and check off items on their shopping lists.
First launched by American Express in 2010, Small Business Saturday encourages consumers to shop at one of America's 33 million independent businesses. In 2011, the Senate passed a resolution officially recognizing Small Business Saturday.
In 2022, U.S. consumers spent an estimated $17.9 billion with small businesses on the last Saturday in November, according to the 2022 Small Business Saturday Consumer Insights Survey.
How will the growing popularity of Small Business Saturday impact consumers' participation in Black Friday?
Small business support:Find small businesses for your holiday shopping with new Google Search and Maps features
Who shops on Black Friday and Small Business Saturday?
According to Bankrate research, 61% of holiday shoppers are likely to choose Small Business Saturday for their holiday shopping, while 56% of consumers are likely to shop on Black Friday instead. answered that it is high.
While many consumers will be participating in multiple shopping events this weekend (Black Friday, Small Business Saturday, and Cyber Monday), research shows that supporting local businesses is growing in popularity and interest among consumers. is shown.
Small Business Saturday is a particularly appealing attraction for younger audiences. Nearly three-quarters of millennials say they plan to shop this Saturday, according to a Bankrate survey. The breakdown of consumer demographics for the holiday season is as follows:
- 72% of Millennials say they plan to attend a small business on Saturday
- 69% of Gen Z
- 59% of Gen X
- 51% of baby boomers
Origin of Black Friday:It wasn't necessarily the biggest shopping holiday of the year.
Pros and Cons of Small Business Saturday
Holly Wade, executive director of research at the National Federation of Independent Business, told USA TODAY that unlike large retailers, many small businesses don't accumulate abnormally high inventory levels because they don't have storage space. Told. Wade said while this is good from a business perspective, it could be detrimental to consumers, who may not be able to get deep discounts at small businesses.
In general, deep discounts are less expected as shoppers understand that it is more difficult for small businesses to offer the same offers as large retailers.
Small businesses can offer a more customized and personalized shopping experience. According to Bankrate, 96% of holiday shoppers feel that small businesses provide a better experience than large businesses in at least one of the following areas:
- Shop-specific gift ideas (56%)
- Customer service experience (54%)
- Fostering a sense of community (44%)
Small and medium-sized businesses are on the rise in the United States
In 2021, a record 5.4 million new business applications were filed in the United States. According to the Small Business Administration, small businesses have accounted for 62.7% of net new job creation since 1995.
Data from the Federal Reserve's Consumer Finance Survey shows that from 2019 to 2022, the percentage of families owning a business increased by 9%, with Black and Hispanic households seeing the largest increases. During the same period, the percentage of black households owning a business more than doubled.
Find small businesses in your area
In a May 2023 Google/Ipsos survey, nearly 85% of those surveyed said it was important to support local businesses and small businesses.
If you want to buy from local or small businesses for your holiday shopping, Google makes it a little easier.
Google is introducing a new small business filter in Search and Maps to help shoppers discover online offerings from local retailers that are considered small businesses, according to a press release. Products include e-commerce brands, local businesses, and sellers on marketplaces like Etsy and eBay.
Betty Lin-Fisher contributed to this report.