Optimism voiced for holiday shopping season in R.I.

PROVIDENCE – Citing high employment rates, optimism and Small Business Saturday, a Rhode Island retail expert is projecting a prosperous holiday shopping season for the state’s businesses and retail sector.

Bill Vernon, National Federation of Independent Business Rhode Island state director, said this year’s holiday shopping season has gotten off to a healthy start.

“In Rhode Island unemployment is down and people are feeling more optimistic about their future and current situation,” he said Friday.

Shoppers should also keep in mind the now six-year-old Small Business Saturday, an event in which American Express and the NFIB promote shopping at locally-owned businesses the Saturday after Thanksgiving and Black Friday, said Vernon.

- Advertisement -

In 2015, a post-holiday survey conducted by NFIB and American Express found 95 million people participated in Small Business Saturday by shopping at local establishments and spent more than $16 billion – a 14 percent increase from the 2014 holiday shopping season, which Vernon believes will continue to grow this year.

While he admitted there is “definitely a lot of competition” from big-box stores like Target, Best Buy and Bed, Bath & Beyond, as well as online shopping opportunities, Vernon said a growing number of Rhode Islanders, nearly 60 percent, are aware of Small Business Saturday.

Vernon said Small Business Saturday is especially good for an economy like Rhode Island’s, which is full of small businesses.

“In other states it seems like chain stores or box stores seem to dominate more, [whereas] our state has a lot of independent entrepreneurs,” he said.

Vernon said over the years small businesses have become more savvy when it comes to competing with larger companies and franchises. People prefer to shop small and local, he said, “because of service and because people want to support their local main streets. …[Consumers] shop small businesses because they know how they contribute to the community and local economy.”

Because of the high employment rate, Vernon expects there will be fewer deep discounts and price slashing this year as a higher percentage of the population shops.

No posts to display