Almost £1 billion is expected to have been spent with small firms last week on Small Business Saturday.
The national shopping event, led by the Federation of Small Businesses (FSB), urges consumers to support small firms by buying locally.
Saturday 07 December marked the seventh annual #SmallBizSatUK, with organisers hoping to build on the success of last year’s event when more than £800 million was spent with small businesses.
Commenting on the figures, FSB National Chairman Mike Cherry said small firms need the help more than ever against a backdrop of rising costs and crippling taxes.
“We’re calling on all shoppers to forget Black Friday and get behind this unique celebration of independent businesses,” he said.
“When you back a small business in your local community, you’re much more likely to see your money re-spent nearby than if you handed it over to a big corporation –
through local job creation, purchases from other businesses and investment.”
Small Business Saturday Founder Michelle Ovens added: “Small Business Saturday celebrates the huge contribution that small businesses play. Yet again, this year’s event will be an opportunity for communities to show their support for these businesses across the UK.”
According to the latest figures, there are now close to 5.8 million small and micro businesses operating across the UK, contributing some £2 trillion to the economy each year and employing around 60 per cent of Britain’s workforce.
Despite entrepreneurial spirit running through the nation, however, high streets and local shops are still struggling to make ends meet, with more than half (58 per cent) of business owners expecting performance to worsen over the coming three months.
Evidence also shows that a huge number of retailers are not able to keep on top of spiralling business rates, with statistics showing that retail unit vacancy rates have risen to 10.3 per cent – the highest level in almost five years.
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