Just under 50% of Americans plan to shop small for Small Business Saturday this year, according to a survey released by LendingTree.
In the survey, which was conducted online by Qualtrics from Oct. 15 to 20, respondents said they expect to spend an average of $305 supporting small businesses on Saturday. Sixty-five percent of consumers said they plan to buy at least some of their holiday presents from small businesses.
The survey included responses from 2,050 consumers nationwide. It showed that nearly two-thirds of American shoppers – 63% – feel more loyal to small businesses amid the ongoing coronavirus pandemic.
“Many of these local businesses were in real danger during the pandemic, in large part because they didn’t have the resources that large national chains had to ride out the storm,” LendingTree chief credit analyst Matt Schulz said in a post on LendingTree.com. “Virtually every city and town in this country saw beloved businesses close down for good in the pandemic. … I think the flood of news of these closures really drove home the importance of these small businesses for people, and many folks really stepped up to try to help.”
Last week, the National Retail Federation estimated that 58.1 million Americans would shop on Small Business Saturday.
The day was created by American Express in 2010 following the Great Recession. Since 2011, the event has been sponsored by the Small Business Administration. Last year, consumers spent an estimated $19.8 billion at independent retailers and restaurants on Small Business Saturday, up slightly from the $19.6 million spent in 2019, according to American Express.
Consumers looking to shop small on Saturday can find independent businesses through American Express’s Shop Small Map.
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