Black Friday's Got Competition: Millennials Turn Small Business Saturday Into New Hotspot
Portfolio Pulse from Michael Cohen
Small Business Saturday is gaining popularity among consumers, particularly millennials, with a reported $17.9 billion spent in 2022. American Express initiated the event in 2010 to support local businesses. A Bankrate survey indicates 61% of shoppers prefer Small Business Saturday over Black Friday. Alphabet's Google has launched new search features to help find local products, while Etsy offered discounts up to 60% on Black Friday. The trend reflects a consumer preference for personalized, community-focused shopping experiences.
November 24, 2023 | 5:55 pm
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POSITIVE IMPACT
Google's new feature includes eBay in its local product search, potentially increasing visibility and sales for eBay's listings.
By being included in Google's new local search feature, eBay may experience increased visibility for its product listings, which could translate into higher sales, especially during the holiday shopping season.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Etsy participated in the Black Friday sales event, offering up to 60% off on items, which could attract more customers and increase sales.
Etsy's significant discounts during Black Friday may lead to an increase in traffic and sales, as consumers look for unique and personalized items during the holiday season.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Google introduced new search and map features to help users find local retailers and products, potentially increasing user engagement and ad revenue.
Google's initiative to support local businesses through enhanced search features is likely to increase user engagement and could lead to higher ad revenues as more businesses may invest in advertising to attract local shoppers.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Google introduced new search and map features to help users find local retailers and products, potentially increasing user engagement and ad revenue.
Google's initiative to support local businesses through enhanced search features is likely to increase user engagement and could lead to higher ad revenues as more businesses may invest in advertising to attract local shoppers.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70