88% of U.S. consumers agreed they are likely to Shop Small this holiday season¹, while small businesses embrace AI and new strategies to reach customers

Key Points:

• American Express released findings from the 2026 American Express Shop Small Impact Study about how consumers and small business owners are approaching the holiday season.
• The findings point to strong momentum for shopping small, as consumers prioritize small businesses and owners try new tools and methods for turning holiday demand into longer-term growth.

Company Website: http://www.americanexpress.com
NEW YORK -- (Business Wire)

Ahead of Small Business Saturday on November 28, American Express (NYSE: AXP) released new research from the 2026 American Express Shop Small Impact Study¹, revealing how consumers are embracing small businesses this holiday season and the new ways small business owners are working to capture their attention.

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The study shows that 88% of consumers agreed they are likely to shop at small businesses this holiday season, the highest level since 2012, while 70% of small business owners say holiday customer spending will impact their ability to grow in 2027.

Small business owners are responding to this demand in different ways. Nearly all small business owners (96%) say they are using new strategies this year to prepare their business for the holiday shopping season, and 90% expect to use AI tools to support their businesses during the holiday season, including for marketing, operations and personalization. The findings also shed light on how consumers discover small businesses, the personal connections that motivate them to Shop Small, and how holiday spending can have a lasting impact on small business owners throughout the year.

“Small businesses bring character and connection to our communities, and the holidays are an important opportunity to show up for them,” said Elizabeth Rutledge, Chief Marketing Officer, American Express. “Since creating Small Business Saturday in 2010, we’ve encouraged consumers to discover and support the businesses in their neighborhoods. Each year, we hope to turn that holiday enthusiasm into lasting relationships that help small businesses thrive year-round.”

Key findings from the 2026 American Express Shop Small Impact Study include:

• Shopping small makes holiday gifting more meaningful: 72% of consumers agreed they Shop Small to find memorable gifts, while 70% say they get joy from discovering new small businesses during the holiday season. For 82% of small businesses, support from loyal customers is especially meaningful this time of year.
• Word of mouth drives discovery: Recommendations from friends and family are the top way consumers choose small businesses (65%), followed by customer reviews (45%) and social media posts (39%).
• Small businesses plan to put AI to work: 90% expect to use AI tools to help support their business during the holiday season, including for marketing, operations and personalization.
• Holiday shopping supports growth beyond the season: 70% of small business owners say holiday customer support will impact their ability to grow in 2027, while 80% say Small Business Saturday can help build customer relationships that extend beyond the holiday season. 78% of consumers say small businesses are essential to their communities, underscoring the important role they play beyond the holiday season.

Backing Small Businesses Beyond Small Business Saturday

Small Business Saturday is one of the many ways that American Express connects businesses with high-spending customers. Average annual spending on American Express Cards in the U.S. is three times that of cards on other networks ².^{At the same time, American Express is accepted at more than 190 million Merchant locations worldwide3, including 99% of places that take credit cards in the U.S. since the end of 2019.4}

American Express also supports small businesses year-round through grants, marketing, discounts and resources that help them attract new customers and continue to grow and innovate. In addition to American Express’ integrated products and solutions to help businesses run and grow their business, such as:

• Small Business Grants: As part of its commitment to provide $100 million in grants to support small businesses between 2023 and 2028, American Express provided nearly $40 million in grants and direct support to more than 4,000 small businesses as of year-end 2025. In 2026, the company awarded over $10 million to more than 500 small businesses nationwide through its Amex Shop Small Grants Program, with each recipient receiving $20,000 to invest in their business. The American Express Foundation also supported two new AI education initiatives—AI Upskilling for Small Business and Smart Futures for Small Business Scholarships—designed to equip small businesses and their employees with practical AI skills to help them adapt and innovate.
• Small Business Marketing Support: American Express provides free Shop Small decals, signs, and other digital and in-store marketing materials to help small businesses attract customers, including new signage and premium materials released this fall. Amex additionally helps customers find small businesses through its Shop Small Map in the U.S., as well as through targeted Amex Offers.
• Small Business Discounts and Resources: Merchants can access the American Express Business Savings Suite, which unlocks the potential for over $4,800 in savings when you take advantage of all eligible offers⁵. Business owners and small business Card Members can also visit Business Intel and Business Class for Merchants, Amex platforms with free educational resources and content to help business owners make the most of the day and beyond. For example, the Business Class for Merchants site features a playbook to help businesses prepare for AI-driven shopping and agentic commerce.

For more information about Small Business Saturday visit ShopSmall.com.

ABOUT AMERICAN EXPRESS

American Express (NYSE: AXP) is a global payments and premium lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services, and experiences that enrich lives and build business success.

Founded in 1850 and headquartered in New York, American Express’ brand is built on trust, security, service, and a rich history of delivering innovation and Membership value for our customers. We seek to provide the world’s best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations, and we build and manage relationships with millions of merchants across our global network.

For more information about American Express, visit americanexpress.com, americanexpress.com/en-us/newsroom/, and ir.americanexpress.com.

¹ABOUT THE 2026 AMERICAN EXPRESS SHOP SMALL IMPACT STUDY

The American Express Shop Small Impact Study consisted of two national surveys conducted by Teneo on behalf of American Express, one among consumers and another among small business owners. The consumer survey was an anonymous online survey conducted from September 9-11, 2026 among a sample of 1,008 U.S. adults 18 years of age and older. National consumer data is weighted by five variables: age, sex, geographic region, race and education to ensure reliable and accurate representation of the total U.S. population, 18 years of age and older based on U.S. Census data. The small business owner survey was conducted anonymously online among a sample of 503 U.S. owners/managers responsible for day-to-day operations of non-franchise small businesses with 2-99 employees from September 11-21, 2026. Respondent companies must conduct sales in a physical location in one of the following industries: arts/entertainment/recreation, retail trade, restaurant/bar/coffee shop/hospitality, or personal services.

²Nilson Report #1,301, February 2026. Spend per card is derived from U.S. year-end purchase volume divided by year-end cards in force (CIF), not from individual consumer-level data. CIF represents the number of cards issued and outstanding with cardholders. Includes American Express third-party issuers. Average spend per card on other networks includes Visa, MasterCard, and Discover credit and charge card volume and CIF, and excludes debit and prepaid volume and CIF.

³ Locations in force (LIF) estimate as of July 2026, including an estimated 80 million Merchants that accept American Express in China and Brazil (including through digital wallets). LIF represents proprietary and partner acquired Merchant locations where the Merchant is enabled to accept American Express. LIF estimates incorporate data provided to us by certain third parties and include Merchants that accept American Express through payment facilitators and digital wallets.

⁴ Nilson Report #1,301, February 2026. Includes American Express third party issuers. Merchant acceptance locations exclude ATMs and branches.

⁵ Related Terms and Conditions: Actual savings may vary. Savings available as of 08/05/26. Aggregate savings value combines offers that may require different levels of participation, spending, enrollment, and eligibility. In order to unlock the maximum total savings, merchants must make several purchases of offered business services and enroll in multiple automatically renewing subscription plans for the entire length of the respective offer period. Offers and value of offers are subject to change without notice to you. Visit americanexpress.com/merchant offers to see current offers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261111167529/en/

Contacts:

Media contact:
Anthony Fitzgerald
anthony.fitzgerald@aexp.com

Source: American Express