Black Friday's Got Competition: Millennials Turn Small Business Saturday Into New Hotspot

As the holiday shopping season kicks off, Black Friday remained a major event with an estimated 130.7 million shoppers ready to indulge in post-Thanksgiving deals.

However, nestled between the retail giants' day and Cyber Monday lies Small Business Saturday, a day dedicated to supporting local businesses and communities.

Launched in 2010 by American Express, this day has become a significant part of the holiday shopping tradition, encouraging consumers to explore and invest in the 33 million independent businesses across the U.S.

In 2022, Small Business Saturday witnessed $17.9 billion in expenditure by U.S. consumers, showcasing its growing influence. This year, the event is poised to draw even more attention, raising questions about its impact on Black Friday's popularity.

Also Read: Black Friday Bargain Bonanza For Shoppers, But Retailers Face Consumer Slowdown

USA Today reported a recent Bankrate survey revealed a shifting trend: 61% of holiday shoppers were likely to choose Small Business Saturday over Black Friday's 56%. This shift indicated a growing consumer interest in supporting local businesses, with millennials leading the charge.

While Black Friday, Small Business Saturday and Cyber Monday each attract shoppers, Small Business Saturday was particularly appealing to younger demographics. Nearly three-quarters of millennials planned to shop on this day, followed closely by Gen Zers, Gen Xers and baby boomers. This trend reflected a broader consumer preference for personalized and community-focused shopping experiences.

The rise of small businesses in the U.S. was notable, with a record 5.4 million new business applications filed in 2021. These businesses have been pivotal in job creation and have seen a significant increase in ownership among Black and Hispanic households, USA Today reported.

To support local and small businesses, Alphabet Inc's GOOG GOOGL Google introduced a new search and map feature, making it easier for shoppers to find local retailers and products from marketplaces such as Etsy Inc ETSY and eBay Inc EBAY.

Speaking of Etsy, the online marketplace was not behind in the holiday rush. This Black Friday, CNN reported Etsy was offering up to 60% off on a variety of items, including holiday decor and personalized gifts. Shoppers could find unique items such as the Joy of Plants Woodland Wildflower Blanket and the SilverHandwriting Pet Photo Ring, adding a personal touch to their holiday shopping.

Now Read: Touchdown For Shopping: Amazon's Innovative Black Friday Football Game Integrates Commerce And Content

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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