Over a fifth (22%) of the nation’s seasonal spending pot could go to small businesses this year – representing £5.3bn in potential gains for this vital segment of the British economy and an estimated 19% nominal uplift on projected spend seen in 2024.
In wider positive signs for the economy, the new data from the latest Small Business Saturday campaign also showed over £23bn could be spent in total across the festive season, representing a nominal 16% year-on-year spending rise, with UK households expecting to spend £824 on celebrations on average - 8% more than last year.
As the Small Business Saturday campaign kicks off, organisers are issuing their annual call for the nation to support and spend with small businesses on 6 December and throughout the crucial ‘peak’ trading season, essential for sustaining many small businesses throughout the year.
Over a quarter (28%) of Brits expect to spend more on Christmas this year, with the top areas of priorities including food (78%) and alcohol (53%). Younger people aged between 25-34 will be spending the most over the season, with plans to spend an average of £1,083.
Michelle Ovens CBE (left), director of Small Business Saturday UK, said: “It’s promising to see positive economic signs ahead of this year’s critical festive season. This bigger seasonal spending pot offers an incredible opportunity to boost the UK’s amazing businesses.”
“Despite ongoing challenges, small businesses have experienced a period of relative stability this year. Public support can make all the difference in helping them finally turn a corner as the year ends – especially with Black Friday and Cyber Monday on the horizon, as small firms can really struggle to keep up with deep discounting events.
”It’s vital the nation gets behind our favourite small businesses so we can unleash their power in supercharging the economy.”
“It’s vital the nation gets behind our favourite small businesses so we can unleash their power in supercharging the economy next year and delivering immeasurable wider value across society and our local communities.”
Small Business Saturday came to the UK in 2013 and is backed by principal supporter, American Express, which founded the campaign in the US in 2010. Over the time it’s been running in the UK, the campaign has seen a growth in public support for small businesses with billions of pounds spent with small firms on Small Business Saturday.
On Small Business Saturday customers across the UK go out and support independent shops and restaurants and more. Many small businesses get involved in the campaign by hosting events, offering promotions, and collaborating with other local businesses.
As well as encouraging the public to make a conscious effort to spend with small firms across the festive season and beyond, campaign organisers also suggest supporting favourite independents in other ways, such as leaving positive reviews or spreading the word amongst friends and family.
To learn more about Small Business Saturday click here.
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