As the holiday shopping season swings into full gear, local businesses in the Twin Lakes Area are preparing for Small Business Saturday. This annual event, celebrated the Saturday after Thanksgiving, encourages shoppers to “shop small” and support locally owned businesses.
Small Business Saturday began in 2010 as a way to spotlight the importance of small businesses in local economies. According to the U.S. Small Business Administration (SBA), Small Business Saturday was founded by American Express in 2010 and officially co-sponsored by the SBA the following year.
In 2023, the reported projected spending in the U.S. from those who shopped at small businesses on Small Business Saturday was around $17 billion. Since 2010, the total reported U.S. spending at small businesses during the annual Small Business Saturday is an estimated $201 billion.
According to Arkansas’ House of Representatives, it is estimated for every $100 spent in a local business, $68 recirculates and remains in the local economy. The numbers also show 47.1% of employees in Arkansas work for a small business. There are more than 260,000 small businesses in Arkansas who employ close to 500,000 Arkansans.
More than 43% of small businesses in Arkansas are owned by women. Veterans own 9.1%, and minorities run 13%
A recent Small Business Saturday Consumer Insights Survey from American Express revealed 72% of shoppers said the event makes them want to shop and dine at small, independently-owned retailers and restaurants all year long.
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