American Express Encourages Consumers to Shop Small and Pay It Forward
In its ongoing support of the small business owners’ community, American Express is kicking off its 11th annual Small Business Saturday with a social media campaign. The goal of the campaign is to help amplify the positive impact that U.S. consumers can have on small businesses by asking consumers to share support on social media when they shop at their favorite small merchants on Nov. 28.
According to a new Shop Small Impact study conducted by American Express, while an overwhelming 92 percent of small business owners have pivoted to stay open during the pandemic many have done so through social media. In fact, the study revealed that 38 percent of small businesses have started selling through social media during the pandemic.
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Further, the study found that 78 percent of small business owners say that positive feedback through social media channels is a significant driver of business and 89 percent of consumers say they are more likely to shop at small businesses when they have been recommended by friends or peers. Concurrently, the company’s report estimates that endorsements on social media for small businesses to be worth $197 billion for the U.S. small business economy.
Notably, the first Small Business Saturday was initiated by American Express in 2010 in response to the great recession. And as the retail holiday has continued to evolve, the company estimates that 110 million people participated in 2019, hitting record high sales with approximately $19.6 billion in reported spending.
And the company’s report indicates that shoppers want to do their part in helping to support small businesses this holiday season. Seventy-five percent of U.S. consumers said they will “shop small businesses during this challenging time” and 42 percent said they will also support these businesses through social media. Further, a large majority of respondents said they feel a “personal commitment to support small businesses in the wake of the pandemic and in a divided year,” while 95 percent agreed that supporting small businesses unites the community.
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