Bussiness
Small businesses makeup 98% of Michigan businesses. How to support them on Small Business Saturday
Sandwiched between Black Friday and Cyber Monday is the ever-important Small Business Saturday, a campaign American Express launched in 2010 to encourage consumers to shop at local businesses in their community.
When is it? Has it been successful? Here’s what to know about the relatively new consumer holiday.
When is Small Business Saturday?
Small Business Saturday takes place on the Saturday following Thanksgiving, the day after Black Friday. This year it falls on Nov. 30.
What is a small business?
Small businesses are defined here as firms with fewer than 500 employees, is privately owned and has lower revenue and operates independently of a larger firms.
How successful is the holiday?
The holiday has seen continuous growth in the last decade said the Farm Bureau of Financial Services. From 2014 to 2015 the number of people who shopped at a small business on the day after Black Friday increased by 8%, a total of 95 million people.
In 2023 U.S. consumers spent about $17 billion at a small business on Small Business Saturday, stimulating local economic activity around the country.
Since its creation, the estimated total of U.S. spending at a small business on the holiday is around $200 billion, according to the U.S. Small Business Administration.
Michigan small businesses
For every $100 spent at a local business, roughly $68 stays in the local economy, according to Governor Whitmer’s office. Small businesses make up over 98% of the state’s businesses, according to the U.S. Small Business Administration. As of 2022, there are 911,914 small business in Michigan.
These local hubs employ 47.9% of the Michigan workforce, about 1.9 million people.
Michiganders who are interested in finding local gems to support can use the American Express Dashboard map to explore which small businesses are near them.
Jalen Williams is a trending reporter at the Detroit Free Press. Contact him at jawilliams1@freepress.com.
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