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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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Hope Karnopp / Wisconsin WatchReporting intern

Hope Karnopp joined Wisconsin Watch as a reporting intern in May 2022. She is a journalism major and is pursuing certificates in public policy and environmental studies at UW-Madison. Hope previously covered state politics as an intern for the Milwaukee Journal Sentinel. She also works with the Daily Cardinal and hosts a radio segment about campus news for WORT-FM, which has been recognized by the Milwaukee Press Club.