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Community

VALUE OF SMALL BUSINESSES SATURDAY IS GROWING

SPONSORED

Holiday shoppers alienated with the traditional bedlam of Black Friday should support Small Business Saturday by shopping locally on November 28—whether done in person or online.

You can find an amazing mix of unique gifts and exceptional services to purchase for family and friends, while contributing to the well-being of your community’s economy.

Since its 2010 inception by American Express, Small Business Saturday has generated an estimated $133 billion in consumer spending.

In 2010—the program’s 10 th Anniversary year—an estimated 110 million consumers shopped and/or dined on Small Business Saturday, generating a record $19.6 billion in spending, according to the Small Business Saturday Consumer Insights Survey, commissioned jointly by the National Federation of Independent Business (NFIB) and American Express.

Survey responses for 2019 indicated that 97 percent of consumers who shopped or dined on Small Business Saturday agree that small businesses are essential to their community and 95 percent reported the day makes them want to shop or eat at small, independently-owned businesses all year long, and not just during the holiday season.

Today, small businesses account for some 30.7 million U.S. businesses (8.7 million minority-owned), employ nearly half (59.9 million) of those working in the private sector and create two out of every three new jobs, according to the U.S. Small Business Administration.

For many communities, sales taxes account for a municipality’s largest source of budget revenue, often offsetting any need for a property tax increase. Home-rule municipalities like Elmhurst benefit even more from local taxes on food and beverage, retail, motor fuel, etc.

More importantly, 68% of every $1 spent at a local small business stays in the community, as compared to 44% from a big box retailer.

So there are numerous benefits to shopping “small” this holiday season—and all year ‘round.