by Seth Goodall, Small Business Administrator, New England Administrator-Throughout Vermont, thousands of locally owned independent stores will be participating in annual Small Business Saturday on November 28th. Small Business Saturday is dedicated to supporting small businesses throughout Vermont and the country. Launched by American Express in 2010, it has grown each year. It has led to increased sales and has shoppers “thinking small” throughout the holiday season. According to the Small Business Saturday Consumer Insights Survey, consumers spent more than $14 billion in 2014. That amount topples the $5.7 billion spent at independent merchants on Small Business Saturday in 2013. That is a staggering sum for an event in only its fifth year.
Vermonters are passionate about supporting local businesses and the stores lining Main Street and its byways. These stores are owned and operated by our friends and neighbors. Chances are when you walk into the one of these stores you are going to be greeted by the owner. Continuing to support these local businesses keeps Vermont’s downtowns energetic.
Shopping small during the holiday season boosts the local economy and helps many of these businesses for the rest of the year. More people shopping small and locally keeps more money invested in Vermont. According to the local multiplier effect, for every dollar spent in a local business, 45 cents is reinvested in the community. The local multiplier effect is the prosperity created directly from money spent locally.
If these reasons are not enough to get you downtown, don’t forget about the sales. Many businesses are offering incentives to shop locally, including discounts and free gifts. According to American Express, about 70 percent of all small businesses in the country offer discounts during Small Business Saturday.
Let Small Business Saturday remind us to shop small not only on Small Business Saturday, but year round. Supporting Vermont small businesses is an investment in the future and prosperity of Vermont.