U.S. Small Businesses Are Responsible for $4.8 Trillion in GDP,
Equivalent to the Third Largest Economy in the World, According to
a New Study from American Express
Consumers and small businesses in communities across the U.S.
and Puerto Rico are preparing to celebrate Small Business Saturday,
taking place this year on November 24. Because an average
two-thirds of every dollar ($0.67) spent at small businesses in the
U.S. stays in the local community, consumers’ local impact during
the important holiday shopping season could be significant.
Further, every dollar spent at small businesses creates an
additional 50 cents in local business activity as a result of
employee spending and businesses purchasing local goods and
services, according to the Small Business Economic Impact Study
from American Express (NYSE: AXP).
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American Express created Small Business Saturday in 2010 as a
way to help small businesses get more customers, and the
celebration has since become an annual shopping tradition on the
Saturday following Thanksgiving.
“What began nine years ago as an effort to support local stores
during the holiday shopping season has become the Shop Small
movement, bringing together millions of shoppers, small businesses
of all kinds, civic leaders and organizations in thousands of towns
and cities across the country,” said Elizabeth Rutledge, Chief
Marketing Officer at American Express. “Shopping small has a
significant and positive effect on local communities, and we hope
Small Business Saturday will help to amplify that effect during the
crucial holiday shopping season. When we spend local, small
businesses thrive. And when small businesses thrive, we all
thrive.”
SMALL BUSINESSES ARE MAKING A BIG IMPACT
The Small Business Economic Impact Study, a county-level
economic analysis on shopping small commissioned by American
Express, provides a closer look at the economic benefits of
shopping locally and the impact of small business on communities.
The study found that if small businesses in the U.S., defined as
businesses employing fewer than 100 employees, were a country, they
would have a GDP of $4.8 trillion, equivalent to the GDP of Japan,
the third largest economy in the world.
The study also demonstrated the extent to which small businesses
support jobs locally. In addition to small businesses directly
employing members of the community, spending by those small
businesses and their employees in the area also supports local
jobs. In fact, for every ten jobs at a small business, another
seven are supported in the local community.
CONSUMERS PLAN TO SHOP SMALL ON SMALL BUSINESS SATURDAY AND
THROUGHOUT THE HOLIDAY SHOPPING SEASON - BOTH ONLINE AND
OFF
Now in its ninth year, 97% of consumers who plan to Shop Small
on the day said Small Business Saturday has had a positive impact
on their community, according to the 2018 Small Business Saturday
Consumer Insights Survey, another study released today by the
National Federation of Independent Businesses (NFIB) and American
Express, based on a separate survey of consumers.
The survey found that nine in ten (91%) consumers believe it is
more important than ever to support small businesses this holiday
season, and 83% plan to do at least some portion of their holiday
shopping at a small, independently owned retailer or restaurant -
either in person or online. On par with previous years’
celebrations, nearly six in ten (58%) U.S. consumers reported being
aware of Small Business Saturday, and among those, 80% plan to go
out and Shop Small at independently-owned retailers or restaurants
on the day.
Additional results of the survey:
- A majority of consumers (94%) value the
contributions small businesses make in their community;
- As consumer shopping habits shift
further online, nearly two-thirds (65%) are likely to seek out
small, independently-owned retailers when shopping online,
including 59% who plan to Shop Small online this Small Business
Saturday; even 40% of consumers say they will shop with a small
retailer online this Cyber Monday;
- Among consumers who plan to shop on
Small Business Saturday:
- Nearly all (96%) said Small Business
Saturday inspires them to go to small, independently-owned
retailers or restaurants that they have not been to before, or
would not have otherwise tried;
- Plans to shop include visiting
independently-owned bakeries (40%); clothing, accessory and shoe
stores (40%); restaurants, bars and pubs (37%); bookstores (32%);
and gift, novelty and souvenir stores (30%).
“When shoppers spend locally at small businesses, communities
win,” said NFIB CEO and President Juanita D. Duggan. “We encourage
consumers to celebrate Small Business Saturday by shopping at small
and independent shops and restaurants. We are proud to partner with
American Express to promote small businesses.”
POWERFUL BACKING FOR SMALL BUSINESS SATURDAY
Every year, small businesses, local Chambers of Commerce,
business associations and other community organizers join together
as Neighborhood Champions to bring their neighbors out to shop on
the day. In 2018, more than 7,500 Neighborhood Champions have
committed to plan activities and events to get shoppers in the
doors of small businesses on Small Business Saturday. Discover
Neighborhood Champions online here. Small business owners can
create customizable Small Business Saturday marketing materials and
find additional inspiration for events to rally their communities
at ShopSmall.com.
In addition to Neighborhood Champions, the Small Business
Saturday Coalition coordinates activities with public officials,
small business owners and consumers on the day. Women Impacting
Public Policy (WIPP) has led the Small Business Saturday Coalition
since it launched in 2011, and it has grown to include national,
state and local associations across the country and in U.S.
territories.
American Express has also enlisted the support of many companies
that are serving as Corporate Supporters to help drive excitement
for Small Business Saturday. Together these companies reach
millions of small businesses and consumers. The 2018 Corporate
Supporters include FedEx, Etsy, Intuit, Microsoft and Square.
LET’S ALL SHOP SMALL - AND SHARE, TWEET, AND INSTAGRAM OUR
SUPPORT
Everyone is welcome to join the Shop Small community online by
using the hashtags #ShopSmall and #SmallBizSat between now and
Small Business Saturday. Consumers can also RSVP on the Small
Business Saturday Facebook page and receive reminders to Shop Small
this November 24th, and show your support using our brand new
stickers and GIFs by searching ‘Shop Small’ on Giphy via
Facebook, Instagram, and Snapchat stories.
ABOUT THE SMALL BUSINESS SATURDAY CONSUMER INSIGHTS
SURVEY
The 2018 Small Business Saturday Consumer Insights Survey was
conducted by Teneo on behalf of American Express and the National
Federation of Independent Businesses (NFIB). The survey is a
nationally representative sample of 1,995 males and females 18
years of age or older. The sample was collected using an email
invitation and an anonymous online survey from October 15-26, 2018.
The survey has an overall margin of error of +/- 2.2%, at the 95%
level of confidence.
ABOUT THE SMALL BUSINESS ECONOMIC IMPACT STUDY
The 2018 Small Business Economic Impact Study was conducted by
Econsult Solutions, Inc. (ESI) on behalf of American Express. ESI
calculated the share of national Gross Domestic Product (GDP),
employment and employee compensation that small businesses with
under 100 employees provide to the economy based on an analysis
used by the U.S. Small Business Administration. ESI also estimated
how much of each dollar spent at the average small business remains
in their local community, and used input-output analysis across 100
representative U.S. counties to calculate the additional impact
that is generated locally as the result of the spending of
employees and the spending of the small business with local
suppliers and service providers.
ABOUT SMALL BUSINESS SATURDAY
November 24th is the ninth annual Small Business Saturday,
proudly backed by American Express. Dedicated to supporting the
diverse range of local businesses that create jobs, boost the
economy, and enhance neighborhoods around the country, Small
Business Saturday was created by American Express in 2010 in
response to small business owners’ most pressing need: getting more
customers. Learn more at and connect with us on ShopSmall.com,
instagram.com/shopsmall, facebook.com/SmallBusinessSaturday.
ABOUT NFIB
NFIB is the nation’s leading small business association, with
offices in Washington, D.C., and all 50 states. Founded in 1943 as
a nonprofit, nonpartisan organization, NFIB gives small and
independent business owners a voice in shaping the public policy
issues that affect their business. NFIB’s powerful network of
grassroots activists sends their views directly to state and
federal lawmakers through its unique member-only ballot, thus
playing a critical role in supporting America’s free enterprise
system. NFIB’s mission is to promote and protect the right of its
members to own, operate and grow their businesses. More information
about NFIB is available online at www.NFIB.com/news.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
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AMERICAN EXPRESSMelissa Filipek,
212-640-8658melissa.j.filipek@aexp.comorM BOOTHMegan
Hunsicker, 212-539-3223meganh@mbooth.com
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