As American Express celebrates 10 years of its flagship Shop Small campaign, new research shows the incredible camaraderie and resilience that exists among small business owners in the face of today’s challenges.
A survey of retail and hospitality business owners1 on behalf of American Express and Small Business Saturday found that the vast majority agreed it was important to support other local independent businesses, with 85% saying they actively promote others suppliers and small local businesses for them. A similar number said they always tried to work with these providers when possible.
Recognizing the vital contribution their businesses make locally and the need to support other entrepreneurs, three-quarters of those surveyed agreed that there was a strong sense of community among small businesses in their local area.
While more than half of these small business owners said the outlook for their business over the next six months would be “challenging,” more than a third said they were “optimistic” and a quarter “excited.”
Celebrating 10 years of small purchases
2022 marks 10 years since the American Express Shop Small campaign launched in the UK and the 10th year of Small Business Saturday on December 3rd. American Express continues to be the main sponsor of Small Business Saturday, encouraging Brits to support the small British businesses that have such a positive impact on our local communities.
At its core, the UK is a nation of entrepreneurs with the number of small businesses growing significantly over the last decade.2 The research reinforces some of the greatest rewards of running your own business. Three-fifths of those surveyed said the top benefit was “being your own boss”; 45% cited “job satisfaction”; and a quarter said “to have a positive impact in the local community”.
Dan Edelman, General Manager, UK Merchant Services at American Express, said: “Our research offers further evidence of just how generous and community-focused small business owners are. They are facing enormously challenging times, but they appreciate and support the valuable contribution that their fellow entrepreneurs make. We’re proud to continue championing them with the return of our Shop Small campaign and sale, available in more locations than ever before this winter, as well as through our long-standing support of Small Business Saturday on December 3.”
Michelle Ovens, Director of Small Business Saturday UK, added: “While small businesses certainly face a number of challenges today, this research underscores that being an entrepreneur is also still very rewarding and the UK is still a great place to be. to start your own business. The fading force of collaboration in the small business community is a big reason for this. But in addition to mutual support, business owners need the support of everyone around them, including the public”.