American Express Commits More Than $100 Million to Inspire Consumers to Support Small Businesses Globally Through its Year-Round Shop Small® Campaign

Rhea-AI Summary

American Express (AXP) has launched its "Let’s Go Shop Small" campaign with a $100 million investment aimed at supporting small businesses across the globe. This initiative is part of a broader effort to bolster the recovery of local enterprises post-pandemic. The campaign also features partnerships with Pinterest to promote digital shopping for small businesses. According to a new study, 47% of small business owners are worried about profits during summer, but shopping small could potentially inject $27 billion into the economy.

Positive

• Launch of "Let’s Go Shop Small" campaign with $100 million commitment.
• Partnership with Pinterest to enhance digital shopping for small businesses.
• Potential to inject $27 billion into the economy through summer shopping.

Negative

• 47% of small business owners concerned about profits over the summer.

American Express (NYSE: AXP) announced that it is launching its new “Let’s Go Shop Small” campaign with a more than $100 million commitment to inspire consumers to support small businesses globally through its year-round Shop Small campaign¹. As part of its year-round Shop Small movement, the new campaign builds on its commitment last year to help further encourage U.S. consumers to Shop Small to support local businesses as they continue to recover. In addition to encouraging consumers to Shop Small with Shop Small offers, American Express is supporting small businesses digitally in collaboration with Pinterest and continuing to help Black-owned small businesses to recover through the Coalition to Back Black Businesses.

Coming Soon, New York, NY (Photo: Business Wire)

A new Shop Small Summer Study from American Express revealed that almost half of survey respondents (47%) say they are concerned about their business’ profits over the next few months when their regular customers travel during the summer. According to the study, shopping small over summer weekends alone can help inject $27 billion into the national economy².

In 2020, American Express rolled out its largest ever global Shop Small campaign with a $200 Million commitment to help jumpstart spending at small businesses hurt by the pandemic³. This global effort has become an annual focus, with more than a dozen countries participating this year to provide continued support to their small business communities.

“Local businesses like retail shops, restaurants and personal services were severely impacted by prolonged lockdowns since last year, and they continue to need our help in order to make up for lost revenues,” said Elizabeth Rutledge, Chief Marketing Officer, American Express. “This is why we are committed to keeping shopping small top of mind for consumers as they get back out, during summer weekends, which are typically peak shopping moments for businesses and consumers alike.”

SHOP SMALL OFFERS FOR CONSUMERS AND MERCHANTS

American Express is making it easy to identify how to support small merchants through a curated list of Shop Small Amex Offers for eligible Card Members through the online hub⁴. U.S. Consumer Card Members will be able to find offers that are redeemable at small businesses, whether locally or during their travels, as the study found 75% of consumers that responded to the survey would shop with small businesses more often if there were more ways to do so. Consumers can also find Amex accepting independent retailers near them and across the nation by visiting the American Express Shop Small Map. From savings on tools to help with marketing, operations and more, merchants can also access a suite of offers to help them get their business ready for summer foot traffic here.

SUPPORTING SMALL BUSINESSES DIGITALLY

In addition to supporting local shops and restaurants, American Express is teaming up with Pinterest to launch the first-ever digital Shop Small Summer Pinterest Shop to drive consumer awareness and support for independent businesses nationwide, which are increasingly adopting digital platforms to sell their goods. Pinterest reported that searches for “how to support small business quote” have increased more than 50% as Pinners look for individual makers and small businesses to support online⁵. The digital Shop Small Summer Pinterest Shop will help consumers discover and shop products from Amex accepting small businesses and feature unique seasonal items from categories consumers are pinning now, including outdoor, fashion, beauty, and home essentials.

“Our customers are the heart of our business and without them, we wouldn’t be able to support the amazing small designers featured in our shop,” said Helena Barquet and Fabiana Faria, co-founders of Coming Soon NY. “We’re excited to be working with American Express and Pinterest to draw attention and support for the independent designers in our store. It’s never been more important to support independent designers, because it not only means supporting the future of design but the larger community, as well.”

CONTINUING THE SUPPORT FOR BLACK-OWNED SMALL BUSINESS RECOVERY

American Express is continuing its support of the Coalition to Back Black Businesses – a collaboration between the U.S. Chamber of Commerce Foundation and four major Black chambers formed in 2020 with a $10 million commitment to provide Black-owned small businesses with a series of grants, mentorship and training programs through 2024.

The program supported 600 Black-owned businesses last year and this July, 25 businesses from the 2020 cohort will receive an additional $25,000 enhancement grant from the Coalition to further support their business needs. American Express is also pleased to share that the 2021 cohort application will open to eligible U.S. Black-owned businesses this coming September. Please visit www.webackblackbusinesses.com for more details.

American Express and the U.S. Black Chambers, Inc. – one of the four major Black chambers that’s part of the Coalition to Back Black Businesses – are also working together to launch an expanded ByBlack, the only national certification exclusively for Black-owned businesses and an extensive national directory. Black-owned businesses will gain more opportunities to reach new customers, plus gain access to business education and resources, through the no-cost, digital ByBlack platform. ByBlack also provides a way for both consumers and large corporations to find and buy from U.S. based Black-owned businesses.

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 responsibility information: personal cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

ABOUT SHOP SMALL

Shop Small is an international movement to support small, independent businesses and call 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 in the U.S. This national holiday shopping tradition is dedicated to celebrating small businesses and driving more customers through their doors on the Saturday after Thanksgiving. Learn more and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday.

AMERICAN EXPRESS SHOP SMALL SUMMER STUDY METHODOLOGY

Consumer data is based on a survey of 1,004 Americans. The anonymous survey was conducted online May 24-26, 2021. 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 online study conducted among 500 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. Respondent companies must conduct sales in a physical location. The sample for the study came from an online panel. The anonymous survey was conducted online May 27 through June 9, 2021

Source: American Express Company

Location: U.S.

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¹ Our commitment of more than $100M supports Card Member offers, as well as marketing to encourage customers in select countries to support small businesses in 2021.

² The analysis of the 2021 small business economy, and impact from weekend spending, was conducted by Econsult Solutions, Inc. (ESI). ESI calculated the number and composition of small businesses in the US in Q1 2021 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 on estimated revenue at small consumer-facing businesses during an average weekend during the summer of 2021. Further, ESI used input-output analysis for the entire U.S. to calculate the additional economic impact that is generated nationally as the result of the spending of small business employees and the spending of the small business with suppliers and service providers.

³ Our commitment of more than $200M supported a Card Member offer and the associated marketing campaign to encourage American Express® Card Members in select countries around the globe to Shop Small in their local communities and online.

⁴ Amex Offers vary by Card Member. Offers available to eligible Card Members for limited times and are subject to change. Terms vary by offer; in some cases, enrollment limited. Log into your American Express Card Account to view and enroll in your offers. Terms apply. Card Members can learn more at https://amex.co/3ePtsW4.

⁵ Trends are calculated by comparing normalized searches May ’21 to May ’20; global

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005610/en/

FAQ

What is the investment amount for the new American Express AXP campaign?

American Express is committing over $100 million to the "Let’s Go Shop Small" campaign.

How can the "Let’s Go Shop Small" campaign impact the economy?

The campaign could inject approximately $27 billion into the national economy through increased summer shopping.

What percentage of small business owners are worried about their profits during summer according to the AXP study?

The study found that 47% of small business owners are concerned about their profits over the summer months.

Which platform is American Express partnering with to support small businesses digitally?

American Express is partnering with Pinterest to promote digital support for small businesses.

What initiative continues to support Black-owned small businesses by AXP?

American Express continues its Coalition to Back Black Businesses, providing grants and support.