11/28/2020
The stakes are higher than ever for small businesses this holiday season, as their owners make last-ditch efforts to recoup sales lost to the coronavirus pandemic.
Every day of the year is important for a small business, but "Small Business Saturday," launched by American Express a decade ago, is particularly relevant — and even poignant — this holiday season, with record numbers of small businesses suffering financially this pandemic year.
Consider:
More than 100,000 small businesses have already shuttered during the pandemic, with more closures potentially on the way.
Total small business revenue in the U.S. plunged 32% as of November 16 from January levels, according to data from the Opportunity Insights Economic Tracker based out of Harvard University.
1 in 5 small-business owners said that they will have to shut down if economic conditions don't improve within six months, according to a survey from the National Federation of Independent Business.
Experts are hopeful that the shopping holiday will lift sales. Fifty-one percent of consumers said they plan to support small and local retailers on Small Business Saturday, according to Adobe Analytics; 38% said they plan to shop at smaller retailers throughout the season.
If people want to still have communities and small businesses and feel like they know the people who own those businesses they have to go out and support them. Otherwise they won't be around because many won't be able to afford to stay open.
The marketing holiday, co-sponsored by the U.S. Small Business Administration, aims to raise consumer awareness around less visible establishments that compete with larger and better-known businesses.
