Amex Celebrates 15th Annual Small Business Saturday With ‘Shop and Stroll’ Market in Charleston, South Carolina including a show by Noah Kahan – Nov 30, 2024

By Kanika Talwar

The company released a survey report on SMB owners’ ongoing optimism as it pledges aid to SMBs impacted by Hurricanes Helena and Milton.

To mark the 15th annual Small Business Saturday on Nov. 30, Amex is hosting its “Shop and Stroll” pop-up market activation with a performance by Noah Kahan in Charleston, S.C. The company is also pledging to aid in the recovery of small- and medium-size businesses impacted by Hurricanes Helene and Milton in the Southeast.

Jessica Ling, executive vice president of global brand advertising at American Express, told WWD that Small Business Saturday was started in 2010 after the U.S. financial crisis of 2008 as a way to drive more foot traffic to SMBs. “Since then, it has continued to evolve to meet the needs of the moment — whether that’s coming out of a financial crisis, navigating a pandemic, adapting to social media marketing or rebuilding after natural disasters like the recent hurricanes in the Southeast.”

Ling said the company continues to focus on its Small Business Saturday efforts to “remind people of the real impact their dollars make in local communities.”

Ahead of this day celebrating the Shop Small movement, Amex released a survey titled “2024 American Express Shop Small Impact Study” looking at how small businesses rely on their communities to be successful and meet financial targets with holiday shopping.

The survey was conducted by Teneo on behalf of American Express with more than 1,000 American adults and more than 500 SMB owners in the U.S. Despite 2024 being another tumultuous year in the U.S. with inflation, cost of living and consumer spending downturn, SMB owners are optimistic about their sales for the 2024 holiday season.

Ninety-five percent of SMB owners said they are optimistic this season — up from 83 percent for 2023 — with 87 percent predicting stronger holiday sales this year versus last year.

Most notably, a majority of SMB owners (84 percent) reported that Small Business Saturday is a critical selling day for their businesses this holiday season. One reason the report’s authors cited consumers looking to support SMBs and local communities being a prime example — many consumers (63 percent) feel a personal connection to their communities when shopping SMBs.

“We are looking forward to seeing people across the country get out and support their local businesses this year,” said Ling. “They will also be helping to give back when they do — with Amex donating $1 to hurricane recovery efforts every time a card member uses an eligible American Express card to Shop Small on Small Business Saturday, Nov. 30.”

A total of 85 percent of consumers are most likely to Shop Small this holiday season — with 88 percent of Millennials and Generation Z. Amongst those shopping on Small Business Saturday, twice as many Millennials and Gen Z consumers said they plan to spend more this year than last year (52 percent) compared to Gen X/Boomers (26 percent).

Consumers reported that they Shop Small to make an impact locally, with 64 percent reporting they shop at SMBs because their purchases directly impact their communities. Sixty-one of consumers are shopping small and need the support this holiday season — with 68 percent of those Millennials and Gen Z.

Seventy-five percent of consumers said they view SMBs as essential with 67 percent stating that SMBs are critical to uniting their community and 34 percent of consumers surveyed reporting that shopping small has even inspired them to think about opening their own businesses.

One notable finding from the survey is that 90 percent of Millennials and Gen Z said the best way to find a new business is to walk around their local town, as opposed to searching on social media.

“Businesses’ online presence will continue to be crucial, but after the pandemic we have seen a shift in younger consumers’ behaviors as they desire more human, face-to-face connections,” said Ling.

Curry Hagerty Uflacker, co-owner and chief executive office of Hart Jewelry is one of the Charleston-based businesses Amex has partnered with Amex for Small Business Saturday — she said this has been key to giving their business a platform to share their story and connect with customers during the holiday season.

“We believe our customers come to Hart because they desire a unique, intimate shopping experience and niche brands with a point of view,” said Uflacker. “This is especially true when they are making an emotional purchase like personalized jewelry — not merely a transactional one. In a fast-paced retail world where shoppers are completely inundated with seemingly limitless options, our goal is always to retain that relatable, intimate ‘small business’ touch. We hope that our interactive, intimate store experience is the antidote to mass consumption.”

Source link: Women’s Wear Daily

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