Small Business Saturday has become an essential part of the holiday shopping season in the Unites States. This idea was originally conceived by American Express in 2010 and is officially cosponsored by the Small Business Administration since 2011. It was found to support independent and local businesses who have a hard time in competing with large businesses on Black Friday or Cyber Monday. According to estimates from American Express, the amount of Small Business Saturday spending at independent retailers and restaurants was approximately $23.3 billion last year.
The Small Business Administration wrote the following emphasizing the importance of the initiative this year:
“This year, we know that small businesses need our support now more than ever as they navigate, retool and pivot from the effects of the coronavirus pandemic.”
As the infographic shows, small companies, especially in retail market, support millions of jobs in the United States. According to census data of United States, more than 10 million people in retail trade worked at establishments with less than 100 employees in 2020. Nearly 5 million people worked at places that had less than 20 employees. This indicates that buying from independent and local sellers does not only support the small business, but it also helps the people who depend on that business for their living.
Infographic by: statista