American Express’s Expected $22 Billion Expenditure Report
The American Express 2024 Small Business Saturday Consumer Insights Survey1 estimated that U.S. consumers who shopped at independent retailers and restaurants on Small Business Saturday spent $22 billion. American Express celebrated its 15th Small Business Saturday nationwide. The Empire State Building had spectacular blue lighting in New York City. Noah Kahan’s performance brightened Charleston’s streets.
Through a charitable promise, Amex helped hurricane-affected small businesses. Every eligible American Express Card transaction at a qualifying U.S. small business on the Shop Small Map that day will donate $1 to the U.S. Chamber of Commerce Foundation to help small businesses rebuild from Hurricanes Helene and Milton, along with our $5 million philanthropic donation for the Small Business Hurricane Recovery award program. Since 2010, American Express has connected small business owners with local customers to boost holiday foot traffic and unite communities on Small Business Saturday. Since tracking began 15 years ago, U.S. small company Saturday spend has reached $223 billion.
Before Small Company Saturday, the 2024 American Express Shop Small Impact Study3 found that 84% of small company owners believe Small Firm Saturday is more important than ever for their firm this Christmas shopping season, up from 48% in 2023. 85% of customers, including 88% of Millennials and Gen Z, want to shop small this Christmas season. Most customers say they shop little to help locally. The survey also showed how much small businesses and communities depend on each other. Three-quarters of consumers said small businesses are important to the community, and 86% said community support helps them succeed.
The American Express 2024 Small Business Saturday Consumer Insights Survey1, performed after Small Business Saturday, found that 85% of shoppers at small, independently owned retailers on November 30 shopped in-store. 66% of Small Business Saturday shoppers strongly agree that they found a small business or independently owned restaurant where they will return and become regular customers, and 73% plan to continue participating because of the impact it has on their local communities.
1 American Express hired Teneo to undertake the 2024 Small Business Saturday Consumer Insights Survey. A nationally representative sample of 2,601 U.S. persons 18 or older was studied. By email invitation and online survey, the sample was collected. Self-reported data was used in the study, not sales or American Express Card Member expenditure. On November 30, 2024, it was anonymous. The current U.S. Census estimates of the adult population, 18 and older, inform projections. The expenditure amount is based on customer self-report, not Small Business Saturday or American Express Card Member sales.
2 Since 2012, American Express has surveyed small business Saturday shoppers to determine their average spend. Sales, receipts, and American Express Card Member spending are not included. Each survey was performed online among a nationally representative U.S. adult sample. The samples’ data was predicted using then-current U.S. Census estimates of the adult population (18+).
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3 The 2024 American Express Shop Small Impact research was a Teneo research of consumers and small business owners for American Express. The anonymous online consumer survey was conducted between October 9-11, 2024, among 1,010 individuals 18 and older. Based on U.S. Census statistics, consumer data is weighted by age, sex, geographic location, race, and education to represent the overall U.S. population of 18 and older accurately. An online poll of 503 U.S. small business owners/managers was performed from October 3 to 17, 2024. Respondent enterprises must sell in arts/entertainment/recreation, retail trade, restaurant/bar/coffee shop/hotel/hospitality, or personal services.
FAQs
1. What is Small Business Saturday?
Small Business Saturday is an annual event created by American Express to encourage shopping at small, locally owned businesses during the holiday season. It aims to boost foot traffic and community support for these businesses.
2. How much did consumers spend on Small Business Saturday 2024?
Consumers spent an estimated $22 billion at independent retailers and restaurants.
3. How does American Express support small businesses?
American Express connects small business owners with local customers, promotes their importance in the community, and contributes through programs like the Hurricane Recovery Award and charitable donations.
4. What is the Shop Small Map initiative?
The Shop Small Map highlights qualifying U.S. small businesses. On Small Business Saturday, for every eligible purchase at these businesses, Amex donates $1 to the U.S. Chamber of Commerce Foundation to help hurricane-affected small businesses.
5. Why is Small Business Saturday important?
84% of small business owners say it’s vital for their business, and most consumers agree it helps build stronger communities by supporting local entrepreneurs.
6. What did the survey reveal about consumer habits?
- 85% of shoppers visited small businesses in-store.
- 66% found a new favorite small business or restaurant and plan to return.
- 73% of consumers plan to continue participating in Small Business Saturday due to its community impact.
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Conclusion
Small Business Saturday has become more than just a shopping event; it’s a movement that unites communities and uplifts local businesses. With $223 billion spent at small businesses since its inception, American Express continues to champion these enterprises through initiatives, research, and philanthropy. The success of Small Business Saturday demonstrates the power of community support and the lasting impact of shopping small.
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