Small Business Saturday Spending Reported to Be Record $17.8 Billion
On November 24th, the 2018 edition of Small Business Saturday took place — and it seems that consumer’s across the country came out for the occasion. According to the just-released 2018 Small Business Saturday Consumer Insights Survey from American Express and the National Federation of Independent Business, it is estimated that shoppers spent a total of $17.8 billion at small business retailers and restaurants this past Saturday. That figure marks a new record for the eight-year-old holiday, easily topping the $15 billion spent on November 26th, 2o16.
In addition to setting a new one-day spending record, Small Business Saturday also reached a notable milestone, surpassing $100 billion in sales since the retail holiday began back in 2010. As previously reported, 2018 also brought a new expansion for Small Business Saturday as the Amex took the campaign to Puerto Rico for the first time with the help of Broadway star Lin-Manuel Miranda. An Amex survey found that, nationwide, 70% of Americans were aware of Small Business Saturday this time around, with 42% participating and 83% of those individuals encouraging friends and family to follow suit.
Speaking on the success of 2018’s event, American Express’s Chief Marketing Officer Elizabeth Rutledge said, “Millions of shoppers came together to show their support for small, independently owned businesses this Small Business Saturday. The Shop Small movement has become a national celebration – people all around the country are turning out to back the small businesses that make our neighborhoods and communities thrive.” Meanwhile NFIB President and CEO Juanita Duggan touted the holiday’s benefits for entrepreneurs, saying, “Small and independent businesses depend on holiday sales and the shoppers that Small Business Saturday brings into their stores and online shops.” To Duggan’s point, 59% of small business owners surveyed said Small Business Saturday contributes significantly to their holiday sales. Because of this, two-thirds of business owners said they planned to participate in this year’s events with 92% of those entrepreneurs stating that their efforts helped bring in new customers, 74% saying it helped increase sales, and 70% asserting that the holiday helped bring awareness to small businesses in their community.
Between the strong economy, growing popularity of the holiday, and expansion efforts on the part of Amex and others, it’s really no wonder that this year’s Small Business Saturday proved to be one for the record books. Furthermore, with November 30th set to mark the 10th iteration of the holiday, expect an even bigger push in 2019 — and perhaps yet another sales record. In the meantime, if these early figures from Small Business Saturday are any indication, it seems that entrepreneurs across the country are in for a very happy holiday this year.