by Donald Wood
Last updated: 10:46 AM ET, Mon July 18, 2022
Data from a new American Express study revealed that shopping small can help inject as much as $793 billion into the national economy this summer.
According to the American Express 2022 Shop Small Summer survey, 84 percent of respondents are planning to travel this summer and 97 percent said they are likely to shop or dine small when they hit the road.
The survey also reported that 81 percent of consumers frequent small businesses when attending a local event. With an expected influx of summer shoppers, 89 percent of small business owners say they are ready to welcome locals and tourists this summer.
Data showed that while 76 percent of small business owners are still concerned about the rise of inflation, 77 percent are optimistic about their business' sales this season, with 62 percent expecting sales to be higher than last summer.
"Consumers are excited to get back to the experiences they love like travel and live events, and small businesses are eager to welcome both locals and tourists," American Express Vice President Marianne Rausch said.
"Our recent Shop Small survey showed us that an overwhelming majority of small business owners agree that there is no better way to experience their local community than shopping and dining at the local independently owned businesses, which is why we hope that the 'Small Stage Series' gives travelers a once-in-a-lifetime experience while introducing them to new cities and businesses," Rausch continued.
To help support small businesses and in association with the release of the survey, American Express is teaming up with SiriusXM's Small Stage Series to feature special performances from five top artists at small venues in cities across the United States.
Leading up to each concert, American Express will partner with local businesses and restaurants surrounding the venues to provide eligible card members with a $30 gift card that can be used toward shopping, dining and more in the local communities.
As part of the multi-city concert series, American Express is debuting geo-specific QR codes on digital advertising to make it easy for locals and tourists to discover bookstores, restaurants, clothing, barber shops and more. When consumers scan a QR code, they will be provided information about nearby local businesses from the Shop Small Map.
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