The Importance of Small Business Saturday
Many people may think that Black Friday is the best shopping holiday of the year, but for those of us who love to shop local, that award goes to Small Business Saturday, which falls on November 26th.
Small Business Saturday is a nationally-recognized day designed to bring awareness to locally-owned businesses and the impact they have on their communities and economy. And it's never been more important than during the pandemic! So many small businesses have struggled the past two years; they need the support of their communities to continue operating. In a survey conducted by tech.co, 80% of small business owners reported that COVID-19 had severely hurt their business.
“Small businesses represent over 99% of all employers in the United States, contributing billions of dollars to our national economy and driving innovation and job creation throughout the country,” said Senator Vittera in a September press release. “As the Small Business Committee Chairman, I am honored to recognize and fight for small businesses and entrepreneurs across the country and would encourage every American to shop at their local small businesses not only on ‘Small Business Saturday,’ but throughout the year.”
A Big Day for Small Business Owners
Think people are going to be too tired to shop after Turkey Day and Black Friday? If last year’s numbers are any indication, small business owners shouldn’t worry.
In fact, in 2021, shoppers spent a record high of an estimated $23.3 billion on Small Business Saturday. This brings the total number of spending on Small Business Saturday to $126 billion since its conception in 2010.
Not too shabby, right?
By the Numbers: The Impact of Small Businesses
There’s a reason why the small business sector was such a hot topic during this year’s elections. Small businesses add jobs, fuel the economy, and inspire communities.
Check out the impact of small businesses – by the numbers – according to the U.S. Small Business Administration:
- The 28 million small businesses in America account for 54% of all U.S. sales.
- Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
- The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.
- The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet.
- The number of small businesses in the United States has increased 49% since 1982.
- Since 1990, as big business eliminated 4 million jobs, small businesses added 8 million new jobs.
Originally posted on Zenefits.com