WJR Business Beat: Record Spending On Small Business Saturday (Episode 329)

Good morning, Paul! Well, we’ve just come off the biggest shopping discount promotions of the year, Black Friday and Cyber Monday in the bag now, but the most important shopping day of the year in my view, well, it’s Small Business Saturday, which took place this past Saturday sandwiched between Black Friday and Cyber Monday. The good news, Paul? Sales on this most important shopping day recorded an all-time high with an estimated $23.3 billion in U.S. consumer spending. Now to be clear, Small Business Saturday is the American Express program focused on encouraging shopping at local retailers, in particular the independently owned shops in our own local communities. And this year, thankfully, U.S. shoppers showed up in a big way. Other data worth noting about this year’s Small Business Saturday shopping promotion? Well, a majority, approximately 80% of consumers surveyed, indicate that they understand the importance of supporting the small businesses and their communities on Small Business Saturday. Now 66% of those consumers reported that Small Business Saturday inspires them to want to shop small all year long. Lastly, 78% of independent retailers surveyed indicate that these holiday sales are simply so critical to them that it will enable them to stay in business in 2022. So, there you have it, Paul, keep shopping locally everyone. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.