Community + Shopping
Small Business Saturday—What’s All The Hype About?
Nov
Small Business Saturday—What’s All The Hype About? by Peri Bolts
Small Business Saturday was created by American Express in 2010 as a way to increase awareness around local shopping for the holiday season. The day began to gain traction in 2012 with the help of state and local governments as well as the Obama administration, and culminated in an estimated $5.5 billion spent in the U.S. at small businesses that day. Momentum nationally is not slowing down, 2017 turned an estimated $12.9 billion spent in independent retailers on that day.
Small Business Saturday is a fantastic way to learn about the local artisans, shops, boutiques in your area. There are many resources available for shoppers and businesses owners alike in the lead up to this day (November 30, 2019). For small business owners, their company or storefront are much more than that: it is an extension of themselves. Every item that is hand selected or handcrafted for you carries a piece of the maker’s heart, and they celebrate each and every sale. At Eclectic CO., each time you visit you will meet a different artist or maker, eager to share their craft with you. The personal connection that you can make with a small business owner is special and a great reason to shop local, but there is a significant economic benefit, called the multiplier effect, to shopping local as well.
The multiplier effect is a three-pronged descriptor of the benefits of recirculating a far greater percentage of revenue to the local economy, as compared to big box stores or locally owned franchises. Every dollar spent at a local business creates a ripple effect in the community in the form of utilities, inventory, payment to local employees, local and state taxes, etc. These dollars have an impact in the community three times as they are spent, re-spent, and re-circulated.
When you spend money at local businesses, their tax dollars are recirculated into the community to benefit roads, schools, and other local organizations. Interestingly, a study by Civic Economics found that 48% of each purchase made at a local retailer is re-circulated into the community, as opposed to only 14% at national or chain retailers. In other studies, it has been shown that as much as $0.68 of every dollar spent at an independent retailer stays in your community, as compared to $0.15 at national box stores. Not only do your dollars strengthen your local economy, but local businesses strengthen the middle class, while box stores and corporations help fuel inequality in communities of all sizes (Institute for Local Self-Reliance).
Eclectic CO. is proud to keep the tradition of supporting local artisans, communities and economies alive through the creative arts. Eclectic CO. vendors are small- and micro- businesses that call the Front Range of Colorado home: the place that we raise our families, enjoy the outdoors, and enrich our circles of influence. Since its inception, Eclectic CO. has kept nearly $350,000 in the local economy while providing customers well made, unique goods. Our beautiful storefront houses over 55 local artisans, curators, and makers. Not only are we the best one-stop-shop for all things local—we are in great company on North Tejon, with other local retailers like Terra Verde, CJ Card, Halo Boutique, Colorado Refuge, and Pikes Peak Lemonade. Join us Small Business Saturday, November 30th, from 9am-7pm for great shopping and lots of fun!
Read more about the importance of shopping local here:
Institute for Local Self-Reliance
