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American Express and SiriusXM Bring Shop Small® on its First-Ever Concert Tour This Summer
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
American Express (AXP) is partnering with SiriusXM for the 'Small Stage Series' to promote local businesses through live performances in five U.S. cities this summer. The initiative includes a $30 gift card incentive for eligible Card Members at participating small businesses. A recent survey indicates that shopping small could contribute up to $793 billion to the economy this summer. Despite inflation concerns, 77% of small business owners are optimistic about sales, with 62% expecting higher revenues compared to last year.
Positive
Collaboration with SiriusXM to increase exposure for small businesses.
$30 gift card program encouraging local spending.
Survey indicates potential $793 billion contribution to the economy from small businesses this summer.
77% of small business owners optimistic about summer sales.
Negative
76% of small business owners are concerned about inflation.
The companies are collaborating to drive spending at small businesses and support local communities by hosting top artists at small venues in five cities across the country as part of ‘SiriusXM’s Small Stage Series Presented by American Express’
New social media marketing tools and digital out-of-home ad campaign featuring QR codes will make it easier for consumers to discover local businesses and eligible American Express® Card Members can receive a $30 gift card at a small business to encourage local shopping, dining and more (while supplies last, terms apply)
A new American Express Shop Small Summer survey reveals local tourism is spurring small business optimism and finds shopping small can help inject as much as $793 billion into the national economy this summer1
NEW YORK--(BUSINESS WIRE)--
American Express (NYSE: AXP) is continuing its longtime support of small businesses through a collaboration this summer with SiriusXM’s Small Stage Series featuring special performances from five top artists at small venues in cities across the U.S. Together, the companies will put small businesses in the spotlight by encouraging consumers across the country at each concert stop to Shop Small. Leading up to each concert, American Express will partner with local businesses and restaurants surrounding the venues in each city to provide eligible Card Members with a $30 gift card at a small business that can be used towards shopping, dining and more in the local communities (while supplies last, terms apply). The multi-city concert series kicks-off in tandem with the release of the new 2022 Shop Small Summer survey, which reveals that shopping small can help inject as much as $793 billion into the national economy this summer.
(Graphic: Business Wire)
“We’re excited to collaborate with SiriusXM to bring Shop Small on its first-ever concert tour,” said Elizabeth Rutledge, Chief Marketing Officer of American Express. “With the return of live experiences, we want to bring more awareness to all the ways consumers can immerse themselves in the culture of local communities and support the local businesses, restaurants and small venues that make them unique.”
In advance of the concert series, American Express is building on its “Let’s Go Shop Small” campaign, debuting geo-specific QR codes on digital out-of-home advertising to make it easy for consumers to discover local bookstores, restaurants, clothing, barber shops and more. When a consumer scans a QR code, they will be provided with information about nearby local businesses from the American ExpressShop Small Map. The company also updated its Shop Small Offers Hub which features unique offers for eligible American Express Card Members from small businesses. Card Members can view and select offers by accessing their account online and visiting the Amex Offers and Benefits page here. To help small businesses market themselves year-round on social media and other platforms, American Express is providing new ready-to-use marketing tools and educational resources which can be found in its Shop Small Resource Hub here.
SHOP SMALL GOES ON COAST-TO-COAST TOUR
‘SiriusXM’s Small Stage Series Presented by American Express’ will take place in multiple cities across the U.S. from July to September, allowing fans to see some of their favorite musical artists perform at small, iconic venues. The concert series will kick-off with Måneskin on Thursday, July 28, in the Lower East Side neighborhood of New York City. More artists, cities and dates will be announced throughout the summer. Card Members can visit here for more details.
Ahead of each performance, the companies are curating shopping and dining guides which include recommendations in the concert venues’ neighborhoods. The guides will be posted here. Fans located outside of the five communities can be part of ‘SiriusXM’s Small Stage Series Presented by American Express’ by listening to the performances and interview content from each artist on SiriusXM radios and on the SXM App.
“Since launching SiriusXM’s Small Stage Series we’ve aimed to shine a spotlight on local venues across the country by bringing performances from groundbreaking and often stadium level artists,” said Scott Greenstein, SiriusXM’s President and Chief Content Officer. “We are excited to come together with American Express to further support local communities and small business by joining forces for their Shop Small initiative with SiriusXM’s Small Stage Series.”
LOCAL TOURISM SPURS SMALL BUSINESS OPTIMISM FOR SUMMER SALES
According to the 2022 Shop Small Summer Survey, 84% of people are planning to travel this summer, and nearly all consumers (97%) say when they travel, they are likely to shop or dine small. The survey also reported that 81% of consumers Shop Small when attending a local event.
With an expected influx of summer shoppers, 89% of small business owners say they are ready to welcome both locals and tourists into their business this summer. While 76% of small business owners are still concerned about the rise of inflation, 77% are feeling positive about their business’ sales this season with 62% expecting sales to be higher than last summer.
American Express has been a longstanding champion of small businesses and continues to strengthen its support globally. Since 2020, the company spent more than $300 million toward Shop Small campaign initiatives to help jumpstart spending at small businesses. In November 2021, American Express held is 12th annual Small Business Saturday® event, which reached an all-time high of $23.3 billion in estimated consumer spending at small businesses in the US.2 These initiatives, among others, are part of American Express’ year-round efforts to drive $100 billion in consumer spending at small businesses through 2025.
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 and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday
ABOUT THE AMERICAN EXPRESS 2022 SHOP SMALL SUMMER SURVEY
Consumer data is based on an anonymous online survey of 1,012 Americans conducted June 15-17, 2022 by Teneo on behalf of American Express. Data was weighted to reflect the demographic composition of the 18+ population of the U.S. based upon gender, age, education, race and region. Small business owner data is based on an anonymous online study conducted June 13-21, 2022 by Teneo on behalf of American Express among 503 small business owners/managers in the U.S. whose businesses involve arts/entertainment/recreation, retail trade, restaurant/bar/coffee shop/hotel/hospitality, or personal services and which conduct sales in a physical location.
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.
Source: American Express Company
ABOUT SIRIUSXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in North America, and the premier programmer and platform for subscription and digital advertising-supported audio products. SiriusXM’s platforms collectively reach approximately 150 million listeners, the largest digital audio audience across paid and free tiers in North America, and deliver music, sports, talk, news, comedy, entertainment and podcasts. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S.SiriusXM's subsidiaries Stitcher, Simplecast and AdsWizz make it a leader in podcast hosting, production, distribution, analytics and monetization. The Company’s advertising sales arm, SXM Media, leverages its scale, cross-platform sales organization, and ad tech capabilities to deliver results for audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com.
ABOUT SIRIUSXM’S SMALL STAGE SERIES
SiriusXM’s Small Stage Series features performances with premier artists spanning music genres and styles, and comedy, and held in small iconic venues. SiriusXM launched its Small Stage Series in August 2021 and to date has announced performances by 2 Chainz, Alicia Keys, Avril Lavigne, Brandi Carlile, Coldplay, Dave Matthews, Def Leppard, Ed Sheeran, Glass Animals, The Go-Go’s, H.E.R., J Balvin, J. Cole, Jason Aldean, John Mayer, John Mulaney, Kane Brown, Kenny Chesney, Måneskin, Michael Che, Nathaniel Rateliff & The Night Sweats, Shaggy and Twenty One Pilots.
Source: American Express Company
Location: U.S
1 The analysis of the small business economy, and impact from summer spending, was conducted by Econsult Solutions, Inc. (ESI). ESI calculated the number and composition of small businesses in the US using data from the U.S. Census Statistics of US Businesses and the Bureau of Economic Analysis. ESI also estimated spending among all US small businesses in select industries using survey data from Teneo that captured merchants’ reported expected revenue for an average week during the summer of 2022. Weekly revenue estimates are used to calculate merchants’ expected total revenue at these businesses for the 12-week summer period. Further, ESI used input-output analysis for the entire U.S. to calculate the additional impact that is generated nationally as the result of the spending of employees and the spending of the small business with suppliers and service providers.
2 The American Express 2021 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 2,426 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 28, 2021. 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
