Retail

Small Businesses Ready For Record Revenues On Small Business Saturday

The National Federation of Independent Businesses (NFIB) and American Express have recently released their fifth annual Small Business Saturday Consumer Insights Survey. The survey found, among other things, that small businesses this year are in for record revenues on Small Business Saturday. Here are some of the key findings.

The survey found that more consumers than ever (58 percent) are aware of Small Business Saturday, and 48 percent of them said they expect to spend more on Small Business Saturday this year than in 2015. Sixty-seven percent of respondents plan to spend at least $100 on the day, up from 65 percent last year.

Seventy-six percent of consumers surveyed said they plan to patronize one or more small businesses during the holiday shopping season, and 91 percent reported that it is important to them to support independent business. On average, 33 percent of consumers’ holiday shopping this year is expected to be done at small retailers or restaurants.

The survey also found that 89 percent of consumers say that Small Business Saturday encourages them to shop small year-round, not just during the holiday season, and 79 percent of consumers say they are willing to pay slightly more for an item if it is purchased from a small, independently owned retailer.

Elizabeth Rutledge, EVP of global advertising and brand management at American Express, was quoted as saying: “Small Business Saturday reminds consumers of how valuable small businesses are to our communities, and we are incredibly proud to be the founding partner.”

Small Business Saturday began in 2010, created by American Express. Last year, Small Business Saturday saw 95 million cardholders participating in the event. In the last two years, American Express has added 1.6 million new business partners, only adding to the number of locations consumers can shop small.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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