Spending expected to slide on Small Business Saturday
PHOENIX (3TV/CBS 5) - Sandwiched right between Black Friday and Cyber Monday, local businesses celebrate Small Business Saturday. It’s a way to ensure some of your holiday spendings stays in your community. But this year, we could see a Small Business Saturday slump.
According to a LendingTree survey, 42% of Americans say they plan to shop on Small Business Saturday, down from 49% last year. Expected spending is also down. This year, consumers say they’ll spend an average of $271 on unofficial shopping holidays. Last year, shoppers averaged $305.
LendingTree’s Matt Schulz says it’s a sign of decades-high inflation and points to the fact that people may be hoping for deeper discounts during more traditional Black Friday and Cyber Monday sales. “So many people have such a small financial margin for error right now, and as much as they might like to spend a little bit more money to support that small business on that day, it just may not be in the cards for folks,” Shulz said. “And that could be a bad thing for small businesses.”
According to the survey, the most likely Small Business Saturday shoppers are Millennials and people who earn six figures.
For small business owners, the Arizona chapter of the National Federation of Independent Business has some advice to make this a successful Small Business Saturday. The group says it’s important to use social media to promote deals, using hashtags like #shopsmall. NFIB is also encouraging local businesses to consider doorbuster deals to compete with big box retailers.
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