Excellent news for the nation’s entrepreneurs! Chain Store Age (CSA) reports that consumers are willing to spend almost $2,000 more this year to help their favorite local businesses thrive, according to a survey from Faire, an online marketplace.
The survey reveals that over 65% of Americans shop their local Main Streets at least a few times a month. Almost 75% of consumers feel “sad, worried, guilty or angry” when their local shops shut down.
The COVID-19 pandemic was an eye-opener for millions of consumers. Nearly 75% of those surveyed admit the pandemic increased their appreciation of local shops.
And suburban consumers say they’ve “become increasingly passionate” about contributing to their local economies and cite it as the “primary reason” they shop locally.
Interestingly, the younger the consumer, the more determined they are to shop local. Gen Z and millennial consumers “are the most passionate about seeing their Main Streets thrive.” In the survey, 100% of Gen Zers and 96% of millennials say they would “take action” to help local businesses.
The specifics:
- Willing to shop locally more often—70% Gen Z; 69% millennials
- Willing to encourage family and friends to support neighborhood businesses—59% Gen Z; 60% millennials
- Willing to shop local during the holidays—almost 55% of Gen Z and millennials
Max Rhodes, Faire’s co-founder and CEO, told CSA that the small business owners who run these stores are the reason for the consumer enthusiasm. The store owners’ “superpowers of curation, agility, and community building have successfully met a growing consumer demand for connection and values-driven shopping. By leaning into these advantages, they continue to increase market share.”
Faire conducted a separate survey of its customers, who acknowledged the increased consumer support. Almost 85% of the store owners say they “feel supported by their communities, and nearly 90% believe neighborhood shops receive more local support than big box stores in their neighborhoods.”
To continue to attract local buyers, about 90% of the retailers surveyed say they’re focused on providing “personalized customer service and curated product selections.”
What are you doing to attract consumers to your stores? Share your best practices, and perhaps we’ll report them on SmallBusinessCurrents.com.
