TaxAssist Accountants announces small business success

TaxAssist Accountants has highlighted the success of Small Business Saturday, which took place on the 5th December.

According to the bookkeeping and accounting franchise, spending levels among small businesses reached record highs this year. With a total of £1.1 billion spent, the UK exceeded the £1 billion mark for the first time in the Small Business Saturday initiative’s eight-year history.

TaxAssist Accountants highlighted some interesting points about this year’s spending trends. While 15.4 million people shopped in small, independent businesses on the 5th, the total number of shoppers was actually lower than in 2019, by 2.2 million. But whereas consumers spent an average of £45.42 last year, the typical customer parted with £70.74 this month.

Research shows that just under half of those who gave their money to small businesses in 2020 made a conscious decision to support local companies on the all-important day.

The Director of the Small Business Saturday project, Michelle Ovens, said,

“It is fantastic to see such phenomenal, record-breaking support for small businesses, in one of the toughest years many have ever experienced. Small Business Saturday has been running for eight years, but this year’s campaign has been our most vital.

“So many firms worked hard to pivot and adapt their businesses during this national emergency, often stepping in to offer useful services, vital products, as well as being a source of practical support and kindness, particularly for NHS and frontline workers.”

Now many small businesses have launched e-commerce stores during the pandemic; more shoppers have the chance to access their products and services over the internet. The British Independent Retailers Association (BIRA) suggests 55 percent of consumers will shop at local companies’ online stores over Christmas, continuing the support for small start-ups.