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Yes.
A 2018 study commissioned by American Express found that an “average two-thirds of every dollar (67 cents) spent at small businesses in the U.S. stays in the local community.”
American Express, the credit card company that founded Small Business Saturday, and the National Federation of Independent Businesses have conducted research on the economic impacts of shopping locally.
Researchers calculated the share of the national Gross Domestic Product that small businesses contribute to the economy and “estimated how much of each dollar spent at the average small business remains in their local community.”
Businesses, government officials and the U.S. Chamber of Commerce have used the estimate to promote shopping locally, especially during the winter holidays.
In Wisconsin, Gov. Tony Evers proclaimed Nov. 26 — Small Business Saturday — through Dec. 31 as “Shop Small Wisconsin” days, noting that nearly half of Wisconsin employees work for small businesses.
Sources
American Express: Another Reason to Shop Small® on Small Business Saturday®: Approximately 67 Cents of Every Dollar Spent at a Small Business Remains in the Local Community
Business Wire: Shoppers Report Record High Spending of an Estimated $17.8 Billion on Small Business Saturday® 2018
US Chamber of Commerce: Support Your Local Community by Shopping Small
NBC News: Small Business Saturday 2022: Why shopping small matters today and year round
State of Wisconsin | Office of the Governor: Proclamation: Shop Small Wisconsin
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