How to support Michigan businesses

On By Littum

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Between Black Friday and Cyber ​​Monday, it’s always important Small Business Saturdaya campaign American Express launched in 2010 to encourage consumers to shop at local businesses in their communities.

When is it? Has it succeeded? Here’s what you need to know about the relatively new consumer holiday.

When is Small Business Saturday?

Small Business Saturday takes place the Saturday after Thanksgiving, the day after Black Friday. This year it falls on November 30.

What is a small business?

Small companies are defined here as companies with fewer than 500 employees, are privately owned and have a lower turnover and operate independently of a larger company.

How successful is the holiday?

The holiday has seen continuous growth over the past decade, he said Farm Bureau of Financial Services. From 2014 to 2015, the number of people who shopped at a small business the day after Black Friday increased by 8%, totaling 95 million people.

IN 2023 US consumers spent about $17 billion on small business on Small Business Saturday, spurring local economic activity around the country.

Since its inception, the estimated total U.S. small business spending on the holiday is about $200 billion, according to the US Small Business Administration.

Michigan small businesses

For every $100 spent at a local business, about $68 stays in the local economy, according to Governor Whitmer’s office. Small businesses make up over 98% of the state’s businesses, according to US Small Business Administration. As of 2022, there are 911,914 small businesses in Michigan.

These local hubs employ 47.9% of the Michigan workforce, about 1.9 million people.

Michiganders interested in finding local gems to support can use American Express Dashboard card to research what small businesses are near them.

Jalen Williams is a trending reporter at the Detroit Free Press. Contact him at [email protected].