Three-Quarters of Americans Plan to Shop Local This Holiday Season

Good news for small businesses: consumers are ready to shop small this season. A new survey conducted by Harris Poll on behalf of Mastercard found that 77% of Americans intend on shopping at local retailers for their holiday gifts. What’s more, 75% report that they’re being more conscious about where their shopping this season, prioritizing minority-owned and women-owned businesses. Additionally, more than half of those surveyed suggest they’d rather receive nothing than be gifted an item from a retailer whose values they deem not in alignment with their own.

Of course, small businesses that don’t have an e-commerce component may be at a disadvantage this year as the COVID-19 pandemic makes in-store shopping more difficult. According to Mastercard’s survey, 88% of respondents say they’ll be cutting back on brick-and-mortar shopping this holiday season. Similarly, 82% plan to shop online with 55% stating that they’ll do the majority of their shopping digitally. In a bit of good news, however, 59% of those surveyed say they are likely to spend the same amount or more this year than last.

Speaking to the emphasis on small businesses this holiday season, Mastercard senior advisor (and former Saks CEO) Steve Sadove stated, “City centers and Main Streets have long been the lifeblood of commerce in the United States, with bright lights and shop windows hallmarks of holidays past. While the retail landscape looks different this year, we’re once again seeing the amazing resilience of the American consumer – and the businesses who serve them.” Sadove went on to note that the shopping season —which typically kicks into gear post-Thanksgiving — has already begun ramping up, explaining, “October numbers show that early promotions are paying off as consumers get a jump on their holiday shopping.”

Incidentally, while Mastercard’s survey highlights the increased awareness of shopping small, it’s another card company that’s most associated with that movement: American Express. In fact, 2020 marks 10 years since the company founded Small Business Saturday, which is celebrated on the Saturday following Thanksgiving. Ahead of this year’s event, Amex launched what they called their largest-ever Shop Small campaign back in June, with efforts including small business-centric offers for cardholders, a grant program aimed at supporting minority-owned businesses, and more.

With the holiday retail season already underway, it’s great to see that many Americans are choosing to factor small businesses into their shopping plans. That said, business owners may need to work in order to make themselves more accessible — whether that means setting up an online store, offering other options such as curbside pick-up, or perhaps selling digital gift cards. Hopefully, with the support of your community, this holiday season will be the start of a turnaround, leading to a much more prosperous 2021.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Bilt Rewards Launches Travel Portal with Benefits for Cardholders

Last year, the startup Bilt made a splash when it announced a new service that would reward users for paying their rent. That premise was then expanded upon with the launch of the Bilt Mastercard, which is issued by Wells Fargo. Now, continuing to capitalize on both the hype of their product and the demand for travel, Bilt has debuted another new offering for customers. This week, Bilt Rewards announced...

Cash App Introduces Round-Up Investing Feature for Debit Card

Debit card customers looking to grow their investments gained a new, automated option today as Block Inc. (formerly Square Inc.) officially announced a new feature for its popular Cash App. Now, customers with the Cash App Cash Card can opt into Round Ups as a means of growing their investments. When this feature is toggled on, Cash App will round up debit card purchases to the nearest dollar and invest...

Marqeta Expands Credit Program with New APIs and More

A FinTech that specializes in creating credit card experiences is rolling out some new features. This week, Marqeta announced what it calls a "significant expansion" of its credit platform. This includes more than 40 new credit APIs that will further help clients craft and launch their own credit card products. Additionally, the company notes an updated intuitive dashboard. Using this platform, businesses can create unique card options that can not...