Saturday, Nov. 25, 2023 | 2 a.m.
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Small businesses are the backbone of the U.S. economy and Black Friday, Small Business Saturday and the holiday shopping season in general are critical to the financial success of many small businesses.
After a decade of increasing online shopping that was punctuated by the exclamation point of COVID and a worldwide supply-chain meltdown, small businesses need our support. That’s why today, Small Business Saturday, and everyday this holiday season, we’re encouraging you to take the time to shop small and help keep local money in our local communities.
According to an economic impact analysis by the American Independent Business Alliance, when you spend $100 at a locally owned small business, an average of $48 stays within the community. For businesses that can source their supplies and materials locally, that number may be even higher. Either way, it’s significantly more than the $14 that stays in the community for every $100 spent at big box retailers or the $1 that stays in the community from shopping at large online retailers like Amazon.
Of course, that doesn’t mean that everyone can afford to buy gifts this year. Nevada was hit harder than most states by the COVID pandemic and many Nevadans may not yet be in the financial position to buy gifts. There is no shame in that. But shopping small and spending local can benefit these families as well.
The Better Business Bureau estimates that 52% of small business donate to charitable causes, with 90% of the donations going to local causes and local organizations. And research by the University of Washington found that locally owned small businesses are far more likely to donate to local charitable organizations than non-locally owned businesses or big box retailers.
In addition to benefiting your community, shopping small as you complete your holiday gift list can help you find truly unique and personal gifts. Many small businesses offer artisan creations that are handcrafted, one of a kind or have unique ties to the history or culture of a people or region.
At Las Vegas’ First Friday event, you can find these types of local artisanal gifts while enjoying food, beverages and live performances. The First Friday event on Dec. 1 is even providing a gift-wrapping station and hosting a toy drive for Community Outreach Medical Center. The Las Vegas Weekly also publishes a local gift guide that’s available on stands around town this week as well as online at lasvegasweekly.com/news/2023/nov/22/keep-it-local-with-joy-inducing-holiday-gift-guide.
Perhaps the best reason to shop local and take your gift home with you from the store is that you won’t have to worry about shipping. With a postal service that is already suffering due to a lack of staffing and a shortage of essential equipment, shopping local is one of the only ways to be confident that you’ll have your gifts in time for the holidays.
Don’t forget, gifts don’t have to be products. Tickets or gift cards for local experiences that you and your loved ones can share, such as tours, museums or shows, create special memories while also supporting our local economy.
Nationally, holiday spending is predicted to grow by 3-4% this year and reach nearly $1 trillion, according to the National Retail Federation.
It is not surprising to see holiday sales growth returning to pre-pandemic levels,” the federation’s president and CEO, Matthew Shay, said in a statement this month. “Overall household finances remain in good shape and will continue to support the consumer’s ability to spend.”
That’s good news for our country and our community. It’s up to us to build upon that good news by shopping locally and supporting small businesses that help Nevada thrive.
