Not that long ago, Americans visited locally owned small retailers to purchase holiday gifts. Business owners decorated their shops with lights and ornaments or created elaborate window displays to grab the imagination of passersby and entice them to come inside. It was a magical time of year, and many of us hold on to those memories today.
With dramatic changes in retail over the past 20 years, those holiday scenes are at risk of passing into the realm of nostalgic folklore. Recent surveys show 79 percent of Americans make regular online purchases throughout the year.
Meanwhile, brick and mortar businesses look for new ways to compete and provide more personalized customer service while also benefiting the community by creating jobs and boosting the economy.
Their efforts are working, and small businesses remain top producers both in Colorado and nationally. Colorado’s 611,000 small businesses continue to generate two of every three net new jobs and deliver essential goods and services.
As the voice of our nation’s entrepreneurs, the U.S. Small Business Administration celebrates the 30 million small businesses that still ignite our local economies and enrich our communities throughout the year.
In 2017, Small Business Saturday provided a huge boost to the economy when 108 million consumers shopped or dined small and generated nearly $12 billion in reported spending.
Increased consumer confidence combined with the benefits of federal tax cuts make expectations for the 2018 Small Business Saturday on Nov. 24 even greater.
American workers have received bonuses, pay raises and improved benefits as a result of tax cuts. This constitutes good news for small retailers and restaurants across the country, because consumer spending during the holidays is expected to increase 5 percent.
Their accelerating prosperity constitutes good news not only for small businesses, but also for society as a whole.
In so many ways, small businesses act as the glue that holds communities together. They bolster the local tax base, contribute to nonprofits and charitable organizations and create jobs that boost the economy.
On Nov. 24, Small Business Saturday, join me in making at least one purchase from a locally owned small business. These business owners are true heroes of our community. Let’s join the more than 100 million Americans in shopping and dining local as we begin this holiday season.