Small Business Saturday Sees Increased Traffic, Decreased Sales
An estimated 112 million consumers reported shopping at small businesses on Small Business Saturday, marking a 13 percent increase from 2015. However, despite that increase in foot traffic, total reported spending on the day reached an estimated $15.4 billion, a decrease from the estimated $16.2 billion spent in 2015. However, there was some positive momentum for this year's Small Business Saturday: more than 480 organizations joined the Small Business Saturday Coalition, a 13 percent increase over last year; there were 135 million social media engagements in support of Small Business Saturday, up from 85 million in 2015; and a record-high 72 percent of consumers said they were aware of Small Business Saturday.
Total Retail's Take: The decrease in sales from 2015 has to be a bit discouraging from small business owners. While awareness and participation amongst consumers on Small Business Saturday are on the upswing, sales went the other direction. While certainly a worthwhile venture, Small Business Saturday or not, local businesses are still fighting an uphill battle against their big-box brethren, which can beat them on price time and time again. And unfortunately for small businesses, price is often the determining factor in purchase decision for many consumers.