SANTI, California – Local businesses in Santi are hoping to make the most of Small Business Week and other promotions as the coronavirus epidemic continues to redefine the holiday shopping season.
American Express launched the Shop Small movement in 2010 to encourage people to support local businesses on the Saturday following Thanksgiving Friday. Since then, it has turned into a year-round effort to encourage people to support mother և pop businesses, local shops in Santi, and elsewhere in the country.
Last year, Americans spent about $ 20 billion Small Business Saturday, a little more than last year.
Support for local businesses is possible, according to American Express, which estimates that: 67 cents for every $ 1 spent balances in the local community. According to the financial services company, this is about $ 67 billion left in local communities since the start of Small Business Saturday.
A survey conducted by American Express Shop Small Consumer Impact showed that 73% of people think that empty showcases are a national issue, and 84% agree that the increase in empty showcases has a negative impact on the closure of small, independent businesses. on their local communities.
The survey found that when consumers were aware of the impact of spending their dollars on the spot, 75 percent said they were more likely to buy goods or services from small, independent businesses.
There was a small business hit the epidemic, according to a study by economist Susan Woodward. The study looked at bank deposits of nearly 1 million small businesses with 10 or fewer employees, from each large sector և industry, during the first year of the epidemic.
A study commissioned by Intuit QuickBooks looked at the nearly 1 million small business bank deposits that use the company’s software և anonymous, aggregated user data.
In California small business fell 28% in the first full year of the epidemic.
Retail և Personal care companies, such as hairdressers and hairdressing salons, have been among the companies most affected by the epidemic, but research shows that they are experiencing a stronger recovery than other sectors.
- Personal care companies saw at the beginning of the epidemic that their income fell by more than half (52%), but by March 2021, revenue was 16% higher than before the epidemic.
- Clothing stores reported that in April 2020, their revenue fell by 50 percent, or about $ 10,000 per business. In March 2021, revenues were 14% higher than the epidemic level.
In general, Woodward’s study showed that “.
- The biggest impact of the epidemic on small business revenues was in April 2020, when revenues fell by 22% across the country, equivalent to $ 4.6 billion for that month alone.
- Last year’s top performers were home improvement and real estate businesses. The annual income of mortgage bankers has increased by 30% compared to the pre-epidemic level, averaging $ 147,000 per business.
- The leisure industry had some of the worst affected small businesses. For example, the annual revenue of bowling alleys decreased by 33% by the end of March 2021, which averages more than $ 250,000 per business.
- Small businesses in densely populated urban areas, especially in the states on the east coast, have been more financially affected by the epidemic. The worst-hit areas are New York City, especially Brooklyn and San Francisco.