Why are more Australians shopping small business?
Australians are beginning to realise that small businesses are a vital part of the nation’s economy, according to results from the second annual Westpac Australia Day Index. The results of the survey show that 9 out of 10 Australians are faithful to their local shops and around half will purchase from small businesses in order to help strengthen the nation’s economy.
This is a pretty big change from 12 months ago when the average Australian consumer preferred to shop at bigger supermarkets and retail shops for convenience.
These results show that Australians are feeling more and more connected with their local businesses whether they are green grocers, provide accounting software or cut hair. They realise that the money they are spending at the corner store has a much greater impact on the community than cash spent at a national store.
They know that independent shops celebrate their town, city or suburb’s uniqueness and they are more likely to respond to changing wants and needs in the community. 68% of those surveyed said that they would feel like they had lost part of the local community if a small business closed down in their area. Consumers also understand that small business owners know their product and are eager to help them make the best choices.
The study by Westpac also found that Aussie patriotism is economically and emotionally driven, with consumers especially loyal to their local grocery stores and pharmacies followed by restaurants, bakeries and butchers. This support is great news for our small businesses, especially in the lead up to Australia Day.
“More than half (58%) of Australians, believe small businesses are the backbone of our economy. Australia Day is a time of reflection for many on what makes up the fabric of our community and local businesses are an integral part of every neighbourhood. It’s positive to see Australians value their essential role in both our local and national economies,” said Gai McGrath, General Manager Retail Banking, Westpac.