A recent survey commissioned by Faire reveals that Americans are strongly supportive of their local small businesses and are willing to spend more to ensure their survival. Here are the key takeaways:
Consumer Support:
Increased spending: Americans are willing to spend an additional $150 per month on average, totaling nearly $2,000 annually, to support local shops.
Frequent visits: Over 65% of Americans visit their local Main Street at least a few times a month.
Emotional connection: Nearly 75% feel "sad, worried, guilty or angry" when local shops close down.
Appreciation for local businesses: The pandemic has led to increased appreciation for local shops, with nearly 75% of respondents feeling this way.
Main Street Growth:
Stability and growth: Despite recent economic challenges, nearly 80% of consumers perceive their Main Street as stable or growing compared to 2019.
Suburban support: Over 70% of suburban residents prioritize contributing to their local economies when choosing to shop locally.
Younger Generations Lead the Charge:
Gen Z and millennial enthusiasm: Younger generations are the most passionate about supporting local businesses, with 100% of Gen Z and 96% of millennials willing to take action.
Actions taken: This includes shopping locally more often, encouraging others to do the same, and prioritizing local businesses for holiday shopping.
Retailer Perspective:
Feeling supported: Nearly 85% of independent retailers feel supported by their communities.
Emphasis on customer service: Retailers focus on personalized customer service and curated product selections.
Impact of Small Businesses:
Economic contribution: Small businesses account for nearly 44% of America's GDP and employ almost half of the country's workforce.
Community building: Small businesses are essential for creating close-knit, supportive communities.
Key Quotes:
Max Rhodes (Faire co-founder and CEO): "These shop owners play an incredibly important role in what makes a city or town feel unique. Their superpowers of curation, agility, and community building have successfully met a growing consumer demand for connection and values-driven shopping."
Tom Sullivan (U.S. Chamber of Commerce VP): "Small businesses are the fabric of our communities and the backbone of our economy."
Overall, the survey highlights a strong and growing trend of consumer support for local businesses, emphasizing the importance of these businesses for both economic prosperity and community well-being.
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