With the holiday shopping season now hotting up, November 30 is Small Business Saturday, an ideal time for consumers to direct their attention toward local businesses. This initiative was launched by American Express in 2010 and aimed at patronizing small enterprises that can improve the local economy.
Often classified as having fewer than 500 employees and operationally independent, small businesses form the backbone of the U.S. economy. The program is doing amazingly well year to date. Last year was 2023; customers spent nearly $17 billion at small businesses on this day alone. Since the inception of the holiday, the SBA says that it has added nearly $200 billion to the U.S. economy.
Small businesses comprise more than 98 percent of all enterprises in Michigan, with nearly half of the state’s workforce employed by such businesses. Of every $100 spent locally, some $68 is retained locally, underlining the importance these businesses hold for regional development. Local vendors selling everything from unique products to holiday experiences can be found in markets in Detroit’s Corktown and Grandmont Rosedale neighborhoods among others.
As great as its successes have been, there are still problems facing this sector: National Retail Federation survey reveals 23% of U.S. adults plan to shop at small businesses this year, online platforms and department stores winning out instead; yet initiatives such as Small Business Saturday underline the significance for the economy as well.
From live performances to holiday-themed pop-up shops, small businesses in Michigan are doing it all to attract the holiday shopper. For those who want to support local economies, American Express Dashboard platforms may offer tools to help them find local small businesses close to them.
This holiday season, Small Business Saturday reminds shoppers that every purchase counts for their community and keeps the spirit of local commerce alive.
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