Three Ways To Continue The Momentum Of Small Business Saturday
27 Nov 2021
The holiday season is upon us, and small businesses have an opportunity to take advantage of pent-up demand and the overall rebound of the American economy in the post-Covid world. Consumers are ready to spend, and Small Business Saturday promotions will help lure holiday shoppers back to brick-and-mortar stores.
Small Business Saturday - Kido in Chicago
In this photo taken Oct. 29, 2021, Kido, a kids boutique in Chicago, prepares for the 12th annual ... [+] ASSOCIATED PRESS
Small business owners have much to be thankful for in 2021, compared to a year ago. Restrictions placed on businesses have eased, and people are willing to travel and spend again. Although an estimated 30% of small businesses closed during the pandemic and never recovered, the majority of small firms have gotten back on track. Some have even thrived.
Holiday sales in November and December have averaged almost 20% of annual retail sales over the last five years, according to the National Retail Federation, and the figure can be higher for some retailers. NRF expects that online and other non-store sales, which are included in the total forecast, will increase between 11% and 15% to a total of between $218.3 billion and $226.2 billion. By comparison, that number is up from $196.7 billion in 2020.
Small Business Saturday is a key element of the Thanksgiving Holiday weekend. American Express created the promotion in 2010 during the Great Recession to entice shoppers to visit local stores. Now, more than a decade later, the effort is promoted nationwide.
This year, in part because of labor shortages, many companies scaled back from Thanksgiving Day retail hours. Black Friday jump-starts the holiday rush, and consumers are taking advantage of deals that extend past Friday itself. Small Business Saturday provides an opportunity for local mom-and-pop shops, service providers, and restaurants to maximize consumer empathy towards what business owners have endured during the pandemic.
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Local officials typically get on board and promote retail in their towns and offer incentives for shoppers to come to their business districts to support local merchants on Small Business Saturday. American Express offers free marketing materials, posters, email blasts, social media posts, and the opportunity for businesses to add themselves to AmEx's "Shop Small" map an