If your experience is anything like mine, your mailbox and inbox have been flooded with Black Friday sales since October. But big-box stores aren’t the only spot to snag holiday shopping deals. Small Business Saturday — the day after Black Friday — gives shoppers the chance to discover the perfect holiday gifts while supporting locally owned and operated businesses.
Nov. 29 is Small Business Saturday this year. There’s no better way to kick off the holiday season than shopping at your local small businesses. What began 15 years ago as a way to promote local businesses recovering from the Great Recession has blossomed into one of the busiest shopping days of the year. Last year, shoppers spent roughly $22 billion at their local businesses.
The holiday season is a time to celebrate and express gratitude. Here in the Grand Canyon State, small-business owners are particularly grateful for how elected officials in Washington, D.C., and at the State Capitol in Phoenix have stood up for Main Street.
In July, Congress and President Trump made the 20% Small Business Tax Deduction permanent, averting a major tax hike at the end of the year while supporting ongoing growth of Main Street Arizona businesses. At the state level, the Legislature passed and the governor signed into law several pro-small business reforms, including tax relief, raising the business personal property tax exemption to $500,000.
These federal and state tax victories will help our small business owners navigate a complex economic environment. Between elevated prices, a tight labor market, and a decline in sales, small businesses across the country are heading into the holiday season with a little less cheer.
According to a recent National Federation of Independent Business survey, optimism among small-business owners declined in October, as job creators reported reduced sales and profits. And while many small businesses want to hire, filling open positions has been nearly impossible.
On Small Business Saturday and every day of the year, shopping small plays a big role in supporting our communities. In Arizona, small businesses are the beating heart of our economy, accounting for more than 99% of businesses in the state and employing 1.2 million working Arizonans, according to the Small Business Administration.
When you stop in at your favorite coffee shop, locally owned boutique, or family-run hardware store, your dollars go further. Nearly 68 cents of every dollar spent at a small business stays within the community where it’s spent and creates another 50 cents in local business activity.
Small businesses’ investment in the community goes well beyond providing good-paying jobs for our friends and neighbors. Oftentimes, it is small-business owners who sponsor Little Leagues, contribute to school fundraisers, and help keep food pantry shelves stocked.
This holiday season, don’t forget to shop small. Our local businesses keep our communities strong and our economy growing. When Main Street prospers, we all prosper.
Chad Heinrich is state director of the National Federation of Independent Business in Arizona and managing partner of Heinrich Public Affairs in Phoenix.
