PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SMALL BUSINESS CURRENTS: Consumers Love Local

By at 31 May, 2024, 12:48 pm

By Rieva Lesonsky –

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 local 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 local 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.

Want more trends? Find more at Currents.

Main Street image by Sean Pavone/Shutterstock

Rieva Lesonsky is president and CEO of two companies that focus on small business and entrepreneurship – GrowBiz Media and SmallBusinessCurrents.com. She’s a nationally-known speaker, best-selling author, award-winning journalist, and authority on entrepreneurship who has covered the industry for more than 40 years. Before starting GrowBiz Media, she was the long-time editorial director of Entrepreneur magazine. Lesonsky has written several books about small business, including the best-selling Start Your Own Business, and Small Business Hacks: 100 Shortcuts to Success.

 

News and Media Releases