In American Express’ latest Amex Trendex report, 72 percent of consumers said they prefer to shop at small businesses during the holidays to get more personalized and unique gifts, while 77 percent of respondents said they believe it’s more important than ever to support small businesses this holiday season. And for 72 percent of consumers, supporting small businesses means dining out at favorite local restaurants.
The Small Business Association defines a small business as one with fewer than 500 employees. In the U.S., there are 32.5 million small businesses. The companies with fewer than 20 employees total 23 million.
But the number of “mom-and-pop” merchants is small by comparison. According to IBISWorld, there are just over 151,000 businesses that categorize themselves as “small, specialtystores.” Many of those merchants were hard hit by the COVID-19 outbreak. The SBA said in a statement: “This year, we know that small businesses need our support now more than ever as they navigate, retool and pivot from the effects of the coronavirus pandemic.”to help shoppers find and support a small business.
For small businesses, American Express features tools and marketing materials as well as offers with various partner companies such as FedEx, Constant Contact and Intuit Quickbooks.
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