Small Business Saturdays Statistics and Facts

Introduction

Small Business Saturdays Statistics: Although they have smaller numbers of workers and consumers compared to the big corporations Small-scale businesses enjoy a remarkable presence within our economy, encouraging innovations, increasing opportunities, and helping to boost job creation. Due to COVID-19-related shutdowns as well as differences in operation or even complete renovations of small-scale enterprises, these businesses will be able to resist new challenges in the years to come.

Small Business Saturday is an American shopping day that falls within Black Friday and Cyber Monday This makes it one of the busiest shopping seasons. Small Business Saturday can be primarily an inspiring holiday or gathering to support small-scale businesses from local communities and over Shed Retailers as well as Amazon. Let us shine a light on Small Business Saturdays and Small Business Saturdays Statistics in the following article.

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• Nearly 70% of shoppers are aware of Small Business Saturday, and nearly 80% of shoppers are planning to visit independent shops.
• Nearly 42% of people who visit the small-scale business on Saturdays, who weren’t before that are accustomed to it.
• Nearly 99% of people who shop on Small Business Saturday support their communities by buying their goods.
• Around 7,200 Neighborhood Champions from around 50 states have been involved in their communities by participating in events and activities on Small Business Saturday.
• Virtually 41% of small business owners have interconnected Small Business Saturday with their most busy shopping time during the entire year.
• More than 50% The majority of customers who have reported purchasing during Small Business Saturday also suggested that their families and friends generate.
• About 76% of customers say they’ll especially shop with small businesses because of the negative effects of COVID-19 on small companies.
• Nearly 92% of businesses intend to advertise Small Business Saturday, and they reported that the holiday can help them be noticed during the Christmas shopping season.
• 70% of adults living in The United States are well-known for the Small Business Saturdays.
• 47% of small independent retail stores rely on Small Business Saturday to attract new customers by 2020.
• Around 64% of customers with plans to shop online on Small Business Saturday have a plan to buy on the internet.
• About 59% of the owners of small businesses stated that they’ve significantly helped their sales during the holidays.
• Customers have reported spending an estimated $17.8 billion during Small Business Saturday.
  Around 96% of clients have reported that shopping on Small Business Saturday is the best way to shop. Small Business Saturday makes them purchase less frequently all year.
• Small Business Saturday Small Business Saturday has gained more than $103 billion in value.
• A little more than 67% per dollar is invested in small businesses that remain within the local area.
• Over 00 million have taken part in Small Business Saturday.
• United States customers spent a record $19.6 billion on independent stores and eateries, up from $17.8 billion.

Small Business Saturday Statistics in the US

• Since the first launch of the movement, American Express, customers have started spending almost $163 billion on small business Saturdays.
• American Express estimated that almost $0.67 was spent on each small company stall in the local community.
• After the Shop Small Movement, sales increased in 2020, reaching a record high of more than 500% and revenue growth of 300%.

(Reference: lawnstarter.com)

• In 2022, experts projected holiday retail sales to outstretch a high rate of $960.4 billion. They had targeted $224.31 billion, including online purchases.
• In 2021, the American Express Small Business Saturday Consumers Insights survey stated that U.S. customers’ spending on SBS has projected $23.3 billion, which is an 18% growth from 2020.
• Nearly 58% of consumers make online purchases, up from 56% in 2020 to 42% in 2019.
• About 56% of small businesses trust that Small Business Saturday has gained more importance than for their business, and amongst them, 78% think that holiday sales will affect their ability to stay open in 2022.
• Roughly 70% of the respondents will suggest that other buyers shop from Small Business on Saturday.
• There were 33.2 million small businesses in the United States, which accounted for 99.9% of all private establishments till December 2021.
• The small business has predicted that 61.7 million employees will make up 38.85% of all employees in the U.S.
• In the period between 2019 and 2020, almost 1 million new small businesses have come into existence, and at the same time, almost 909,808 have closed down after enjoying YOY net growth of 42,650 businesses.
• The Small Business Saturday industry employs over 1.2 million people, whereas the typical landscaping company has two employees.
• The scientists, technical services, and professionals account for almost 4.5 million small businesses with 3.7 million workers.
• The construction industry is also another top industry, employing almost 2.6 million workers. At present, nearly 3.3 million SMBs are open in the construction industry in the United States.
• The administrative, waste management, and support industry has seen an increase of 2.8 million SMBs and almost 2.5 million employees.
• Almost 2.5 million more employees work in the transport and warehouse sector, and 2.7 million small businesses employ them.
• Industries, except Public administrations, have a whopping about 3.6 million SMBs, 20% of which are landscaping businesses. Other services employ almost 2.9 million people.
• The small business, which has less than 500 workers, accounts for 99.7%.
• Small businesses that have less than 100 workers account for 98.1% of the total.
• Small businesses that have less than 20 workers account for 89.1% of the total.
• Small businesses that have less than ten workers account for 78.5% of the total.
• According to Small Business Saturday’s statistics, just 40% of small firms experience growth or make money after all expenses are deducted.
• According to the small business debt survey, 21% of small businesses are in debt, ranging between $26,000 and $100,000, whereas 17% are in debt between $1 and $26,000.
• The amount of money needed to establish a small business is decided by the size of the organization. Typically, a $3,000 investment is needed to start a small business, but the investment can also increase to $15000.

COVID-19 Pandemic Effect on Small Business

• Nearly 4.4% of the business people had applied for a loan to open a new company in 2020.
• In 2021, roughly 62.1% of small businesses applied for loans, from which just one-fifth of the companies were able to survive the pandemic.
• In 2020, nearly 64% of organizations reported a reduction in customer demand for their goods, which resulted in low revenue generation.
• In 2020, about 80% of small-scale businesses reported applying for government COVID-19 assistance projects.
• Roughly 33% of the small business owners used personal credit cards to make payments.
• At the time of the COVID-19 pandemic, many small businesses faced various issues, with lack of cash flow and marketing being the recurring ones.
• According to a survey, almost 20% of small businesses fail within the first year of operation.
• Nearly 30% of business people fail within the second year of starting the business.
• Only 50% of small business owners stay for more than five years, with 45.4% to 51% depending on the business’s founding.
• In 2020, 29% of the businesses failed due to a lack of cash flow in the business.
• Almost 15% of small-scale businesses struggle with marketing and advertising, a 7% increase from last year.
• The U.S. economy faced recession after ten years of expansion in the period of Covid-19.
• Millions of small businesses in America were out of business, and in six months, the unemployment rate grew threefold from 3.6% to 13%.
• As per the current survey, it may take five years or longer for small businesses to recover.
• In 2020, unemployment has reached the highest rate since the great depression.
• The government issued an assistance program, and the unemployment rate gradually slowed and started leveling up, reaching 6.7 % in 2020.

Marketing Ideas Online For Small-Business Saturdays

• Sending email blasts email marketing is a unique method to promote small-scale companies on Saturdays. Since the newsletters are sent out about a week before Small Business Saturday and are highly effective, they can be successful. Therefore, consumers are aware of any upcoming discounts or coupons which can be utilized during the celebration.
• Segmenting the list of email subscribers If we are looking to make contact with new consumers and reach them, we could send an email to them by offering a special incentive to join their list.
• Make your voice heard on social media. Social media advertising for business can be effective in raising awareness of your brand.
• Making engaging videos has always been an extremely effective method to market and is now easier than ever to access with affordable and user-friendly video editing tools, and a bit of creativity.
• Live streaming is a great option similar to making videos live streaming is an appealing way to capture the attention of potential customers and, consequently, interact with them at the same time.
• Utilizing hashtags The use of hashtags is an extremely popular and innovative marketing strategy.
• Create a contest on social media platforms: There are many ways to offer giveaways on social networks, depending on whether you are eager to attract followers or grow the reach of our brand.
• Work with a local media outlet or an influential influencer: Partnering or working with an influencer or another company is contingent on the type of business we own and could be considered as partnering with the local media.
• Utilizing Instagram and Facebook Advertisements Utilizing Instagram as well as Facebook is the quickest and easiest method of advertising for a company. Facebook as well as Instagram advertisements are effective marketing tools, that can draw new customers.
• Update the local listings Numerous businesses can be located through maps or search engines as well as review sites.

Nondigital Small Business Saturday’s Ideas

• Leverage your community: Connect with your community by participating in local events. Sponsoring events and charity functions is also a way of marketing.
• Make it a party: You can also keep it simple and attractive marketing by playing folk music outside the store or lighting up the store.
• Feed the customers: People are crazy about food, so distributing food samples can also be beneficial for marketing food items.
• Host or participate in a pop-up event: Pop-up events like events that don’t need a long-term commitment can save revenue and also help market the product.
• Having an open house: Invite new customers to see the business and learn that your products are committed and sustainable.

Small Business Saturdays Financial Statistics

Here’s a breakdown of the small business financial statistics provided:

Small Business Revenue Statistics:

• Median income for self-employed individuals at their own incorporated businesses: $55,858 (U.S. Census, 2019)
• Profitability: 63% of existing businesses reported being profitable in 2020.
• Average annual revenue:
• Women-led businesses: $475,707
• Male-led businesses: $675,643 (Biz2Credit, 2021)

Small Business Financing Statistics:

• Small business loans outstanding in 2019: $645 billion (FDIC)
• Average SBA loan: $479,685
• Financing methods:
• Startup businesses: 78% self-fund, 20% use lender financing
• Established non-employer businesses: 31% use lender financing
• Established employer-based businesses: 42% use business loans

Credit card usage:

• 61% of business owners use personal credit cards for business expenses
• 20% have a business credit card, with 50% of those using it weekly (Hello Alice, 2022)

Economic Impact on Small Businesses:

• Inflation rate (first half of 2023): 5.4% (U.S. Bureau of Labor Statistics)
• Consumer Price Index rise: 3.7%
• Impact on holiday shopping: 33% of shoppers consider inflation in their holiday shopping plans (Bankrate, 2023)

Failure rates:

• Within the first year: 18%
• Within five years: 50% (Bureau of Labor Statistics)
• Reasons for failure:
• Running out of money and unable to secure more
• Product obsolescence
• Outcompeted

Industries with high success rates:

• Healthcare and social assistance: 85% stay open past the first year (U.S. Chamber of Commerce)

These statistics highlight the challenges and opportunities small businesses face, from revenue generation to financing options and the economic environment’s impact on their operations and success rates.

Small Business Saturdays and Younger Generation

• The young generation is more attracted to Small Business Saturdays; almost 72% of the Millennials plan to shop on this day of the year., 69% of Generation Z, 59% of Generation X, and 51% of the Baby Boomers.
• The younger generation is more interested in what the brand stands for and who they are, even if whatever they sell.
• As per ActiveCampaign, in 2022, almost 60% of the customer show a negative emotion towards retail giants and humps to at most 69% of Gen Z and 51% of Boomers.
• 40% of Gen Z stated that they give priority to shopping at small business stalls for holiday purchases and special occasions, while 32% of the Millennials said the same.

Retail Foot Traffic Statistics in 2024

• In 2020, department stores in the U.S. experienced a 47.6% decrease in foot traffic compared to the previous year.
• In February 2020, 91% of small businesses stated that in-store foot traffic is their important performance metric.
• In 2020, grocery retailers saw a growth in foot traffic of almost 65%, which was influenced by the COVID-19 pandemic.
• In the United States, regional malls had almost 53% less foot traffic in 2020.
• An increase in COVID-19 vaccine rates is estimated to grow at foot traffic in physical retail stores.
• In 2020, almost 63% of customers in the United States switched to online shopping, which negatively affected small businesses.
• Because of the COVID-19 pandemic, retail footfall decreased by 77.8% in the United States in 2020.
• Weekend retail traffic was recovered to almost 80% of the pre-pandemic level in 2021.
• Online shopping accounts for almost 27.6% of retail sales, largely due to the downfall in retail foot traffic in the United States in 2020.
• Retailers in the United States lost almost $150 billion in sales because of the 61% no-show rate; here, the consumers did not come inside the store and just passed by.
• After the lockdown, the non-food industry foot traffic grew by 15.7% in 2021 post lockdown.
• Shopping malls faced an 81% decrease in retail foot traffic during the first weeks of COVID-19 in 2020.
• On “Small Business Saturday,” retail foot traffic increased 5.5% compared to last year.
• In 2021, the Black Friday retail foot decreased by almost 28.3%.
• In 2021, retail foot traffic faced an increase of 10% in the United States.

Conclusion

The Small Business Saturdays gave a notable boost to the local economy worldwide before cementing its role as a valuable tradition in the yearly retail calendar. The small business Saturday’s statistics show the importance of this event and, therefore, the customer support for the individual business that hits a new height, in both dollars spent and foot traffic. As the customer becomes more aware of supporting local companies, the small business Saturday gives a notable chance for small companies to thrive and contribute positively to their local communities.

Aruna Madrekar

Aruna is an editor at Techno Trenz and knows a lot about SEO. She is good at writing and editing articles that readers find helpful and interesting. Aruna also makes charts and graphs for the articles to make them easier to understand. Her work helps Techno Trenz reach many people and share valuable information.

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Small Business Saturdays Statistics and Facts