American Express Reveals 13th Annual Small Business Saturday® Encourages Consumers to Shop Small® Throughout the Holiday Season and Beyond

American Express (NYSE: AXP) released the results of its 2022 Small Business Saturday Consumer Insights Survey in which 72% of shoppers said Small Business Saturday makes them want to shop and dine at small, independently-owned retailers and restaurants all year long. Overall, Small Business Saturday drove an estimated $17.9 billion[1] based on projections from U.S. consumer reported spending, with more than two-thirds (72%) of shoppers strongly agreeing they will continue to Shop Small throughout the holiday season because of the impact it has on their local community.

To help drive spending this holiday season, American Express partnered with TikTok to launch the #ShopSmall Accelerator in early November so that small businesses could learn how to become more effective marketers on the platform. This content hub provides small merchants tips, tutorials and other tools, including a $100 TikTok advertising credit offer for eligible small businesses* with the goal of helping them reach a digital-first generation of shoppers on Small Business Saturday and throughout the holiday season. The partnership with TikTok builds on the ongoing support American Express provides small businesses year-round and contributes to the company’s goal to drive $100 billion in reported consumer spending at small businesses from 2021 through 2025.[2]

Based on new research released earlier this month by American Express, if every Gen Z and Millennial shopper spent $10 at a small business on Small Business Saturday, it would support $2 billion in local economic activity throughout the US.[3] The study also found that $0.68 of every dollar spent at a small business in the U.S. stays in the local community and that every dollar spent at small businesses creates an additional $0.48 in local business activity as a result of employees and local businesses purchasing local goods and services.

U.S. consumers can find American Express accepting independent retailers across the nation year-round through the Shop Small Map.

*New U.S. TikTok advertisers can enroll by December 24, 2022 to earn a $100 TikTok promotional ad credit after purchasing $50+ in TikTok ads within 28 days of receiving the TikTok offer details e-mail. Terms apply. Learn more here.

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ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability  and Environmental, Social, and Governance reports.

ABOUT SMALL BUSINESS SATURDAY

November 26 was the 13th annual Small Business Saturday, proudly backed by American Express. Dedicated to supporting the diverse range of local businesses that create jobs, help boost the economy, and enhance neighborhoods around the country, Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers. Learn more at and connect with us on ShopSmall.com, instagram.com/ShopSmall, facebook.com/SmallBusinessSaturday

ABOUT SHOP SMALL

Shop Small is a year-round movement that supports small, independent businesses and calls attention to the valuable and distinct contributions they make to their communities and the economy. Shop Small celebrates small businesses ranging from retail stores and restaurants to fitness studios and salons, and everything in between. The Shop Small movement was spurred by the widespread participation in Small Business Saturday, a day founded in 2010 by American Express. This national holiday shopping tradition is dedicated to celebrating small businesses and driving more customers through their doors on the Saturday after Thanksgiving. November 26, 2022 marks the 13th annual Small Business Saturday, proudly backed by American Express. Learn more at and connect with us on ShopSmall.com, instagram.com/ShopSmall, https://facebook.com/SmallBusinessSaturday

ABOUT THE AMERICAN EXPRESS 2022 SMALL BUSINESS SATURDAY CONSUMER INSIGHTS SURVEY

The American Express 2022 Small Business Saturday Consumer Insights Survey was conducted by Teneo on behalf of American Express and the National Federation of Independent Business (NFIB). The study is a nationally representative sample of 2,471 U.S. adults 18 years of age or older. The sample was collected using an email invitation and an online survey. The study gathered self-reported data and does not reflect actual receipts or sales. It was conducted anonymously on November 27, 2022. The survey has an overall margin of error of +/- 2.0%, at the 95% level of confidence. Projections are based on the current U.S. Census estimates of the U.S. adult population, age 18 years and over.

ABOUT THE SMALL BUSINESS ECONOMIC IMPACT STUDY
The 2022 Small Business Economic Impact Study was conducted by Econsult Solutions, Inc. (ESI) on behalf of American Express. ESI calculated the share of national Gross Domestic Product (GDP), employment and employee compensation that small businesses with under 100 employees provide to the economy based on an analysis used by the U.S. Small Business Administration. ESI also estimated how much of each dollar spent at the average small business remains in their local community, and used input-output analysis across 100 representative U.S. counties to calculate the additional impact that is generated locally as the result of the spending of employees and the spending of the small business with local suppliers and service providers.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements, which are subject to risks and uncertainties. The forward-looking statements contain words such as “expect,” “estimate,” “goal,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those described in American Express’ filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements.

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[1] The American Express 2022 Small Business Saturday Consumer Insights Survey was conducted by Teneo on behalf of American Express and the National Federation of Independent Business (NFIB). The study is a nationally representative sample of 2,471 U.S. adults 18 years of age or older. The sample was collected using an email invitation and an online survey. The study gathered self-reported data and does not reflect actual receipts or sales. It was conducted anonymously on November 27, 2022. The survey has an overall margin of error of +/- 2.0%, at the 95% level of confidence. Projections are based on the current U.S. Census estimates of the U.S. adult population, age 18 years and over.

[2] Based on spending as reported by consumers in surveys commissioned by American Express (not actual receipts or sales).

[3] Based on projection of a one-time $10 per person spending by total US Gen Z and Millennial population and applied to the analysis of additional impacts outlined in the 2022 Small Business Economic Impact Study by ESI.