America’s booming economy is having a positive effect on both holiday shoppers and retailers, as seasonal sales are expected to increase this year by up to 4.2%, according to the National Retail Federation.
It’s become an American tradition to officially focus on spending in our neighborhoods supporting independent retailers and restaurants on Small Business Saturday which, this year is November 30, the day after Black Friday.
Nearly 60 percent of entrepreneurs said Small Business Saturday sales contribute significantly to their holiday revenue, according to a survey by American Express and the National Federation of Independent Business. Last season, an estimated 104 million consumers spent a record $17.8 billion on the special Saturday, brightening the holiday for local merchants, restaurateurs and online sellers.
In addition to boosting revenue on main streets, shoppers also plugged into online small businesses in 2018. Among consumers who said they participated on the day, 41 percent reported they shopped small online, according to the survey.
The movement, now in its tenth year, is set to rally even more communities to come together in support of local small businesses.
The #ShopSmall movement also brings attention to the 350,718 small businesses in Oklahoma and those across the country that create two out of three net new jobs in the U.S. Oklahoma small businesses employ more than half of the state’s workforce. Clearly, these fearless entrepreneurs are critical to our state and national economy.
The NRF estimates that retailers nationwide will hire up to 590,000 temporary workers during the 2019 holiday season. During this gift-giving season, let’s celebrate the incredible contributions these small business owners make to our local communities and to the American economy.
Since 2011, the U.S. Small Business Administration (SBA) has been a formal cosponsor of Small Business Saturday, which was founded by American Express the prior year. Since then, SBA has marshaled support for shopping small on Small Business Saturday by providing counseling services, hosting promotional events, and raising awareness about the activity through district offices around the country.
Although SBA celebrates small businesses daily, I’ll be making a special effort to take my family and friends to some of my favorite gift shops, boutiques and breweries on Small Business Saturday.
Join us in supporting this mighty force entrepreneurs who are risk takers and dreamers. Get out or go online and #ShopSmall. Follow the conversation online through Facebook, Twitter and Instagram, and show some love to the places in our communities we call our neighbors. You may just discover that perfect, oneof-a-kind gift or stumble upon your new favorite restaurant.
Justin Cross is the regional administrator of the U.S. Small Business Administration South Central Region VI.