The Saturday after Thanksgiving, the national spotlight will turn on an often overlooked engine of our country’s economic growth: small businesses.
Small businesses, or those with less than 500 employees, now comprise 99% of all U.S. employer firms. Over 23 million strong, small businesses is a sector of our economy that continues to grow rapidly. According to the Small Business Association, small businesses have created over 8 million jobs since 1990 and now account for more than half (54%) of all U.S. sales.
In 2010, American Express launched an initiative called Small Business Saturday to encourage people across the country to support small, local businesses. Over the ensuing years, shoppers have embraced the celebration, and each year the initiative gains in popularity. In 2015, 95 million people shopped at local retailers or dined in neighborhood restaurants spending over $16 billion, a 14% increase over the previous year.
Anchored between Black Friday and Cyber Monday, Small Business Saturday now stands on its own as a holiday tradition. Here are just some of the reasons it has gained in popularity:
This, we will be joining American Express in shining a spotlight on our local small businesses. We hope you will do the same.