It’s Small Business Season
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Why Shop Small?
Many small businesses were hit exceptionally hard because of their lack of e-commerce options. While big box stores gobbled up the lion’s share of online orders (Walmart’s online orders increased by 79% in the 3rd quarter of 2020 alone), many small businesses struggled to launch an online component, much less market that one was available. It was a hard learned lesson and one many simply weren’t prepared for.
When we talk about shopping small or shopping local, we always mention how the money stays in town. But let’s break that down a bit so that you can share these statistics in your Small Business Saturday or Season marketing.
According to Fundera, “small businesses generate $68 of local economic return for every $100 spent with them.” On the other hand, it’s estimated that for every $100 spent at a large business, only $43 stays in the community, according to the Civic Economics Study in Grand Rapids, Michigan.
Americans still patronize small businesses (companies with fewer than 500 employees)
- 91% of Americans shop at a small business at least once a week
- 47% frequent small businesses 2-4 times weekly
- 17% more than 4 times a week
Local Shoppers’ Favorite Destinations:
- Independently-owned bakeries (40%)
- Clothing, accessory and shoe stores (40%)
- Restaurants, bars and pubs (37%)
- Bookstores (32%)
- Gift, novelty and souvenir stores (30%)
Small businesses keep money in the community
- For every $1 you spend at a small business:
- 67 cents stays in the local community
- 44 cents goes to the small business owner and employees wages and benefits
- 23 cents gets reinvested in other local businesses
- 67 cents stays in the local community
- And that $1 creates an additional 50 cents of local economic impact
- 30 cents is spent by the small business owner on local vendors
- 20 cents is spent by the owner and employees locally
Americans love Small Business Saturday
- 97% of consumers said Small Business Saturday has had a positive impact on their community
- 80% plan to shop at independently-owned retailers or restaurants that day
- 59% plan to shop from small businesses even online