Most small retailers lose sales to big business and online giants during the Black Friday shopping weekend

Small Business Saturday® is a good reminder to shop local this holiday season

Toronto, November 20, 2023 – The big annual shopping events are coming up this weekend—Black Friday, Small Business Saturday and Cyber Monday—but a majority (65%) of small retail businesses expect that they will lose sales to big businesses and online giants, according to new data by the Canadian Federation of Independent Business (CFIB).

Small Business Saturday, which falls on November 25 this year, is presented by CFIB in partnership with American Express to encourage Canadians to shop local during the lead-up to the holidays.

“Consumers have the wrong assumption that only big businesses offer lower prices. In fact, over two in five small retailers will be offering sales and special offers this weekend to celebrate Small Business Saturday. You can still shop small and save money,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB. “And shopping small benefits us all—66 cents of every dollar spent at a small business stays in the local economy, compared to only 11 cents per dollar spent at a multinational.”

A public opinion poll conducted by Angus Reid Group revealed that 40% of consumers plan to spend less this holiday season compared to last year. A third (34%) indicated they plan to do more of their holiday shopping at large retailers this year, compared to just 16% who will shop more at small retailers. 

Meanwhile, nearly half (46%) of small retail businesses are counting on holiday sales to end the year in the black.

“With high costs of groceries, utilities and rent, it’s not surprising that many consumers are looking to cut spending this holiday season. But this is all the more reason to make every purchase count,” said Ryan Mallough, Vice-President of Legislative Affairs for Ontario at CFIB. “We encourage everyone to kick off this holiday season by supporting local.”

“We are proud to sponsor Small Business Saturday, a celebration of independent businesses and the impact of shopping small on our local communities. At American Express, we believe in the power of small business to drive our local economies. We encourage everyone to spread the holiday spirit right in their own neighbourhood by visiting their favorite small business or discovering a new spot to support,” said Kerri-Ann Santaguida, Vice President and General Manager of Merchant Services, American Express Canada.

Visit for more information about Small Business Saturday, including free tools and resources.

For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB

Angus Reid Group
With inflation having surged to a four-decade high in 2022 alongside slow economic recovery from the effects of the COVID-19 pandemic, the Angus Reid Group is currently conducting a monthly tracker to understand Canadians’ purchasing behaviours and perceptions of the economy. This study has been running since May of 2022.
This wave #17 has a nationally representative sample of n=1,510 Canadian Adults (age 18+ yrs.) who are members of the Angus Reid Forum. The survey was fielded between October 27 – 31, 2023 and conducted in French and English. 
The sample frame was balanced and weighted on age, gender, region and education according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin of error of +/-2.5 percentage points at a 95% confidence level.

Your Voice-November Survey: An online survey completed by 1,498 CFIB members between November 2-3, 2023. Results obtained at this time are preliminary. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of ± 2.5 per cent, 19 times out of 20.

Small Business Saturday®
Small Business Saturday® is brought to you by CFIB and American Express®. It encourages local shopping and provides posters and other promotional tools for businesses.

About American Express in Canada
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. American Express was established in Canada in 1853 and offers a variety of consumer and business products. Learn more at and connect with us on Facebook, X, Instagram, and YouTube.

About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at