The fourth Small Business Saturday was the biggest to date, new figures from American Express indicate.
A survey taken following this year’s event, which took place on 3 December, found £717m was spent with small firms across the UK, up 15% on last year.
Campaign director Michelle Ovens said spend on Small Business Saturday had grown by £249m since it first took place in 2013.
More than 20,000 businesses took part in the event this year. Many chose to offer discounts and special promotions to draw in customers and AmEx cardholders received £5 in credit for every £10 spent in an independent over the weekend.
London indie Wolf & Badger, knitwear brand Fanclub and womenswear designer Florence Bridge were among those taking part this year.