Spending Helps Small Business Across Nation, Locally
Spending by holiday shoppers trumped Superstorm Sandy’s impact on small businesses in November.
A recent report from MasterCard Advisors and Wells Fargo shows that shoppers spent 5.2 percent more at small retailers in November than they did last year. Small businesses even fared better than the industry at large: Total U.S. retail sales increased 4.5 percent for the same period.
Small business and large businesses alike had a busy month: Superstorm Sandy hammered much of the East Coast, the presidential election dominated consumer psyches and the holiday shopping season began in earnest for many retailers. The weather did hurt sales at some businesses but holiday shopping offset that. Additionally, the small-business sector is heavy with food, hardware and other businesses that would benefit from storm-recovery sales.
