Small Business Saturday looks to support neighborhood shops and local economy overall
NEW YORK -- Small Business Saturday encourages people to shop local, and spending money in your own neighborhood can also help you save in the long run.
Opening up Hometown Flower Co. on Main Street in Huntington Village is a dream come true for Jaclyn Rutigliano after starting off as Long Island's first flower truck.
"I happen to be a third-generation florist," Rutigliano told CBS New York's John Dias.
Opening her floral design studio on Small Business Saturday is an added bonus.
"Come hang out, maybe we will know your name. But you don't get that connection just online," she said.
Like almost all small businesses this holiday season, she will be competing against big box retail stores and e-commerce companies.
Luckily for mom and pop shops, new research conducted by the financial services company IPX 1031 shows Americans are expected to prioritize their neighborhood stores this year, with 60% in favor of shopping local.
That support is significant, since the same research shows 44% of local business owners are depending on holiday season sales to get through the year.
"Whether it's due to weather or people looking at their budgets, a lot of Americans tend to cut back January and February," said IPX spokesperson Emily Thornton.
Shopping local could also help consumers save money.
Huntington Chamber of Commerce officials say spending $100 at a local business nets $70 in economic activity. Big box retail stores tend to only offer around half of that.
"Most of our local businesses are going to be offering sales," Huntington Chamber of Commerce Director of Operations Leanne Gelish said. "Seventy percent of what you spend locally goes right back into your economy, and you get that back in ten-folds... Comes back to you in your taxes and other ways."
It also helps keep the lights on for people like Rutigliano.
"I live here, my kids go to school here. If we don't have local support, then we don't have a way to provide for our families," she said.
Nationwide, there are more than 33 million small businesses.