Small businesses keep money on Main Street, according to statistics gathered by SCORE, mentors to America’s small businesses, in honor of National Entrepreneurship Month.
Of every dollar spent at a small business, 67 cents remain in the local community. Shoppers appreciate this positive community impact, and the majority of Americans are predicted to shop in person or online this Small Business Saturday.
• 97% of consumers said Small Business Saturday has positively impacted their community.
• 80% plan to shop at independently owned retailers or restaurants that day.
• 59% plan to shop from small businesses online.
Small businesses remain popular with U.S. shoppers:
• 91% of Americans shop at a small business at least once a week.
• 47% frequent small businesses two to four times weekly.
• 17% shop at small businesses more than four times per week.
Small businesses most popular with local shoppers include:
• Bakeries (40%)
• Clothing, accessory and shoe stores (40%)
• Restaurants, bars and pubs (37%)
• Bookstores (32%)
• Gift, novelty and souvenir stores (30%)
Small businesses keep money on Main Street. For every $1 spent at a small business:
• 67 cents stay in the local community.
• 44 cents go to the small business owner and employee wages and benefits.
• 23 cents are reinvested in other local businesses.
“This research shows that shoppers feel good about supporting their local small businesses because they recognize the positive impact these businesses have on their communities,” said Bridget Weston, CEO of SCORE. “That positive impact is emotional since nothing beats the personalized service and familiarity created by local small businesses as well as economical. An incredible 67 cents out of every dollar spent at a small business stays in the community, which strengthens the local economy.”