Millennial Money: 4 reasons to shop Small Business Saturday

When you think about holiday shopping, your mind probably goes to big-box retailers before your neighborhood bookstore or antique shop. But in a time marked by widespread supply chain disruptions and inflation, underdog small businesses deserve our attention.

Enter Small Business Saturday.

Small Business Saturday is an annual event created by American Express that encourages consumers to shop at small businesses during the busy holiday season. It takes place the Saturday after Thanksgiving, which lands on Nov. 27 this year.

Here’s why you should consider shopping small for the holidays, and what to expect.

1. MAIN STREET BUSINESSES NEED SUPPORT

The pandemic hit businesses hard. Roughly 200,000 additional establishments — mostly small ones — permanently closed between March 2020 and February 2021, according to a Federal Reserve report. That’s on top of the pre-pandemic rate of roughly 600,000 annual closures. Many surviving businesses are still at risk, due to factors like deferred rent payments and overdue credit card bills. Your patronage could give them a fighting chance.

“I think we have to ask ourselves as consumers, would we be sad if a retailer closed?” says Lauren Beitelspacher, associate professor and chair of the marketing division at Babson College in Massachusetts. “And if the answer is yes, then we have to find ways to shop and support there when we can.”

Shopping and dining on Small Business Saturday is one way to show appreciation for local businesses, especially those we’ve depended on during the pandemic, Beitelspacher adds.

Remember the restaurants you got takeout from during stay-at-home orders? Or the skin care boutique that supplied you with hand sanitizer? They were there for us when we needed them; let’s return the favor.

2. COMMUNITIES AND THE...