A Shift in Consumer Preferences
As the holiday season approaches, a significant shift in shopping trends is emerging. In recent years, Black Friday has been the hallmark of holiday shopping. However, 2023 is witnessing a notable change. According to a survey, 59% of consumers prefer shopping on Small Business Saturday, slightly up from last year’s figures.
The Growing Popularity of Small Business Saturday
Initiated in 2010, Small Business Saturday falls on the Saturday following Thanksgiving, with this year’s event scheduled for November 25, 2023. This day has grown into a crucial event for supporting the small businesses that form the backbone of our economy. It’s not just a day; it’s a movement that celebrates and supports small businesses and all they do for their communities.
Consumer Trends: A Comparative Analysis
When it comes to the battle of the shopping days, Small Business Saturday is gaining an edge. A recent survey by Bankrate reveals that 59% of holiday shoppers will likely shop on Small Business Saturday this year, edging out Black Friday’s 56% but trailing behind Cyber Monday’s 66%. This shift highlights a growing consumer preference for supporting local businesses over the frenzy of big-box retail sales.
The Early Bird Trend
Interestingly, the holiday shopping season is kicking off earlier than ever. About half of consumers have already started their holiday shopping endeavors, indicating a trend towards spreading out shopping activities over a more extended period rather than concentrating them around specific sale days.
The Generation Z Influence
The impact of Generation Z on these trends is significant. A whopping 92% of Gen Z shoppers plan to shop on one of the critical sale days – Black Friday, Small Business Saturday, or Cyber Monday, showcasing their influence on current shopping trends.
Embracing a New Shopping Era
As we move towards the end of 2023, it’s clear that Small Business Saturday is not just a day but a symbol of a broader shift in consumer behavior. This trend reflects a growing awareness and appreciation for small businesses’ unique value and community impact. For retailers, understanding and adapting to these shifts is crucial for capitalizing on the evolving consumer landscape.