As the holiday season is upon us, and the largest shopping day known as Black Friday was yesterday, I want to dig in on how the largest shopping day effects our economy and why shoppers should take note to shop on small business Saturday. Looking at Thanksgiving night and Black Friday, where big named stores are attracting people trying to get the best deals, its easy to understand how the $7.4 billion spent on purchases online alone will have an effect on the economy (cnbc). This almost record amount of spending in one day is a 18% increase in sales from 2018, as people are skipping the long lines to buy what they need from the tap of their phone. However, what really makes our economy prosper is how the small and medium sized businesses perform, as they comprise of countless jobs and lives. Already at the time of the article, small businesses have seen $470 million in sales, with a projected total over $3 billion for the day. So as much as the big stores may have a slightly better deal, or the better brand name, take a step back and try to participate in small business Saturday as these local businesses are what make the economy run smoothly and continue to thrive.
Sherman, Alex (2019) Black Friday shoppers spend record $7.4 billion in second largest online sales day ever