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The 12th annual Small Business day on Saturday by American Express is scheduled for November 27. The initiative is part of the company’s objective of bringing $100 billion in consumer spending to small companies by 2025. According to the American Express Shop Small Influence poll, 56 percent of small companies believe that this year’s Small Firm Saturday is “more crucial than ever for their business,” and 78 percent believe that Christmas sales will have an impact on their capacity to remain open in 2022.
Simultaneously, Amex statistics suggest that consumers have the capacity to contribute an estimated $695 billion to the US small sector. And, according to study results, they will surely try, with 80 percent of customers stating that they are inclined to purchase at small companies during the Christmas season.
“Excitement is building among consumers and small businesses ahead of the holidays,” said Elizabeth Rutledge, chief marketing officer at American Express. “63 percent of small business owners surveyed report that they are preparing for a larger holiday shopping season than last year despite supply chain shortages and other challenges due to the pandemic.” “We’re mobilising customers to assist small businesses around the country have a successful holiday season.” It is critical that we support our favourite small companies not only on Small Business Saturday, but also during the Christmas season and all year.”
Amex also conducted a poll of Gen Z consumers to have a better grasp of the sentiments of younger consumers in particular. Notably, the poll results revealed that this generation is highly supportive of locally owned businesses, with 93 percent of Gen Z customers stating they are likely to buy small either online or in-store as part of their Christmas shopping this year.
Furthermore, 78 percent of Gen Z poll respondents say small companies are crucial to their community, and 84 percent believe it is necessary to help small businesses because of the impact of the pandemic on them. While this is significant, Gen Z’s opinion and support did not outnumber previous generations. In comparison, according to the company’s study of consumers of all ages, 89 percent say it is crucial to support small businesses in their town because of the pandemic’s impact.
American Express has unveiled three new efforts centred on Small Business Saturday to advance the message of purchasing small during the vital holiday season. These initiatives include a collaboration with Google to roll out shoppable murals across the country using Google Lens technology, a pop-up in Los Angeles to support Black-owned merchants and an online marketplace powered by Showfields called ByBlack, and an inclusive $1.65 million grant programme called “Inclusive Backing” designed to provide small businesses with support both proactively and in response to needs.
According to the findings of the company’s 2021 Shop Small Impact study, new challenges where small businesses require assistance now include concern about having enough inventory (58 percent), concern about losing customers if they cannot find the product they are looking for (56 percent), and concern about the impact of holiday sales on their 2022 business (78 percent).
Amex data.
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