The 2022 Small Business Saturday falls on November 26th. Started by American Express in 2010 in response to the Great Recession, Small Business Saturday is a reminder to celebrate and support small local businesses. The Senate first passed a resolution in 2011, and in 2015 the event officially became co-sponsored by the SBA.
Small Business Saturday – By the Numbers
The SBA 2021 Small Business Profile reports that there are 32.5 million small businesses in America. These firms employed 61.2 million people (46.8% of the private workforce). Thanksgiving weekend, from Black Friday through Cyber Monday is historically the largest shopping weekend of the year. A National Retail Federation survey projects 166.3 million consumers plan to shop Thanksgiving weekend in 2022, up from the estimate of 158.3 million 2021.
Based on the American Express and National Federation of Independent Business (NFIB) 2021 Small Business Saturday Consumer Insights Survey, Small Business Saturday spending rose slightly with an estimated $23.3 billion spent by consumers at independent retailers and restaurants, up 18% from $19.8 billion in 2020. The pandemic provided consumers greater comfort with online shopping and positioned many small businesses to speed up the adoption of e-commerce, shifting their sales online to meet the demands of consumers. The survey reported a continued increase in online sales on Small Business Saturday, with an increase to 58%, up from 56% in 2020 and 43% in 2019. The report also identified 64% of consumers surveyed recognizing the importance of supporting minority-owned small businesses in their communities.
In 2021, demonstrating their resiliency, businesses continued to adapt their operations amid the reality of a society with the constant of COVID. As the economy continues to adjust to a “new normal,” 2022 is presenting its own set of challenges. With inflation impacting the price of most products and services, the Deloitte 2022 Black Friday-Cyber Monday Survey and 2022 Holiday Retail Survey reports that eight in 10 consumers plan to spend the same or more as they did in September using credit to fund their holiday spending. However, the report also indicates a downward trend in average retail spending to an estimated $1,455 in 2022, down from $1,463 in 2021. Additionally, the National Federation of Independent Business (NFIB) Jobs Report indicates that, second to inflation, labor quality is a challenge. Of respondents, 44% of small business owners reported a rise in compensation in an effort to attract qualified candidates.
Marketing Small Business Saturday
American Express supports small businesses owners on Small Business Saturday and throughout the year through their Shop Small initiative. Through their Shop Small® Resource Hub, small businesses can access marketing materials to connect with customers and can add or update their listing on the Shop Small Map, based on eligibility. American Express announced its partnership with TikTok to launch the #ShopSmall Accelerator. Through this initiative, small business owners will have access to tips from TikTok creators and influencers to stand out the TikTok platform and to help reach a new generation of shoppers on Small Business Saturday.
Additional resources for making the most out of Small Business Saturday are available from various sources:
- NFIB: 5 Ways to Succeed on Small Business Saturday
- Main Street America: Shop Local Made Easy
- Forbes: 8 Restaurant Strategies For A Successful Small Business Saturday
- U.S. Chamber of Commerce: Making the Most of Small Business Saturday
- NRF: Retail Holiday and Seasonal Trends
Additional Small Business Resources
Already in business or thinking about starting your own small business? Check out our various small business resources:
- View our COVID-19 Resources here: COVID-19 Small Business Resources and COVID-19 Industry Resources
- View more small business help topics here: Small Business Information Center
- View business reports here: Small Business Snapshots
- View industry-specific research here: Market Research Links
Remember, you can also receive free professional business advice and free or low-cost business training from your local Small Business Development Center!
About the SBDC National Blog
The SBDC National Information Clearinghouse (SBDCNet) is the official business research and support program for the national SBDC network. For over 20 years, the SBDCNet has been dedicated to meeting the information and resource needs of the small business community and working in partnership with SBDCs to ensure their clients’ success. The SBDC National Blog is a publication of SBDCNet that features small business news, stories and more. If you have a small business resource or SBDC client success story you think would make a great feature, please Contact Us.