November 25th marked the eighth annual “Small Business Saturday” where shoppers were encouraged to take the day and shop at local businesses. The days following Thanksgiving help kick-off the busiest shopping season of the year, and for many of our nation’s small business, this increased revenue is essential to jumpstarting the new year.
Unfortunately, this year Small Business Saturday saw decreased numbers in both foot traffic and overall dollars spent.
The National Retail Federation reports top holiday shopping destinations are department stores and online retailers. In fact, almost 60 million adult shoppers are expected to exclusively use e-commerce for all of their Holiday shopping, and on CyberMonday alone, $6.6 billion was spent, a 17 percent increase from 2016. This rise in e-commerce creates direct competition for small businesses in an already aggressive business environment.
These statistics are yet another reason why now is a crucial time to pass small business tax cuts. While we are anxiously waiting for the House and Senate to agree on a final version of the bill, both chambers of Congress have bills with promising provisions that will help our nation’s leading job creators.
Congress coming together and passing small business tax cuts is the early Christmas present these entities are hoping for and deserve, paving the way for a joyous Holiday season and a very happy New Year.