Cyber Monday is No Good for the Local Economy
Small Business Saturday shopping
SUPERIOR, Wisc.- Cyber Monday sales are expected to reach a record high.
Bloomberg says shoppers will spend an estimated 7.8 billion dollars, but many local economists are not impressed.
Big retailers advertise huge deals online knowing shoppers can conveniently purchase items from home.
Many say an increasing trend in online sales is not helping the local economy.
The profits from big shopping days like Cyber Monday are generally only benefiting the large companies like Walmart and Amazon.
Sakib Mahmud, an economics professor at the University of Wisconsin Superior says it is important to shop during “Small Business Saturday.”
The shopping campaign launched in 2010, by American Express after the 2008 recession.
Following this years “Small Business Saturday”, shoppers have reportedly spent 85 billion dollars in local business sales.
Shopping locally gives money back to the city, which can be used to fund different city projects.
One way for small business to compete with large companies, on days other than “Small Business Saturday”, is to boost online presence and advertising.