Small Business Saturday is an annual event that was created to encourage consumers to shop locally in person and online at small businesses. This event takes place every November on the Saturday after Thanksgiving and is a significant opportunity to increase sales for small businesses during the holiday shopping season.
The event was created in 2010 as a means of encouraging support for small businesses during the Great Recession. In 2011, the U.S. Senate passed a resolution supporting the event which has since grown nationwide, with participation in all 50 states.
Small Business Saturday falls between Black Friday and Cyber Monday, when consumers may already be shopping online or at well-known retailers to prepare for the holidays. By focusing on small businesses, the purpose of the event is to highlight their importance in local communities, so they aren’t overshadowed by larger companies.
The main goal of this event is to give small businesses a revenue boost during the holiday shopping season. Based on the numbers reported, it would seem the event has been successful. For example, it’s estimated that in 2021, consumers spent a record $23.3 billion on Small Business Saturday, up 18% from $19.8 billion in 2020.
You may ask… what impact does this type of event have for us in western South Dakota and the Black Hills? In the communities we serve… Rapid City, Box Elder, Custer, Hill City, and Winner. While the amount spent on Small Business Saturday is a tiny part of the more than $800 billion in retail sales that take place over the holiday season, one statistic stands out: it is estimated that for every dollar spent at a small business in the United States, 67 cents stay in our local community.
By shopping small, we as consumers can help boost businesses in our own backyard and promote a healthier local economy. By buying locally, we can help small business owners keep their doors open and provide jobs and tax revenue to our community.
Sentinel Federal Credit Union supports small businesses.
Are you a small business owner? We want to help keep your company thriving! Give us a call or stop by Sentinel Federal Credit Union today to ask about our business loans and business services that can help your business grow.