Tennesseans will have plenty of options as they "shop local" for Small Business Saturday on Nov. 29.
A new economic impact study by American Express found 95% of small business owners said strong community support is essential to their success.
Tyler Teresa, Southeast regional administrator for the U.S. Small Business Administration, said Small Business Saturday launched in 2010 and since then, it is responsible for more than $223 billion spent at local retailers.
He added when Tennesseans shop on Small Business Saturday, they are directly supporting local merchants and helping their community’s economy.
"What this money actually does for your community, (for) every dollar spent at a small business, 67 cents stays in that community," Teresa reported.
Tennessee has more than 741,000 small businesses, employing around 1.2 million people and they account for roughly four in 10 workers in the state. Teresa pointed out Small Business Administration loan amounts have been rising, indicating to him small businesses are thriving, although business advocacy groups complained tariffs and high health care costs are setting them back.
Last year alone, holiday shoppers spent more than $22 billion at small businesses. Teresa noted the American Express website makes it easy for anyone to find local merchants participating in Small Business Saturday. You can search by ZIP code and category, like retail, to see all nearby options, making it simple to connect with and support local shops.
"For Tennesseans, you know what's really important? That if you actually shop at a small business on Small Business Saturday, there's a 66% chance that you're going to return to that business," Teresa explained. "That's not only important on Saturday, that's important for the rest of the year, too."
The study revealed social media is reshaping the way small business owners engage with their communities. Nearly 98% of small business owners use it to promote their businesses and almost all said it has boosted their revenue in the past year.