WASHINGTON, Nov. 14, 2019 /PRNewswire/ -- 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.
Americans love 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."
Click here for more information on how small businesses remain popular with shoppers and positively impact their local economy.
Since 1964, SCORE has helped more than 11 million aspiring entrepreneurs. Each year, SCORE's 11,000 volunteer business experts provide free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2018, SCORE volunteers helped to create 32,387 new businesses and 103,300 non-owner jobs.
For more information about starting or operating a small business, or on volunteering with SCORE, visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and Twitter for the latest small business news and updates.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.