Chain Store Age (CSA) reports that consumers are willing to spend nearly $2,000 more this year to help their favorite local businesses thrive, according to a survey by Faire, an online marketplace.
The survey reveals that over 65% of Americans shop on their local main streets at least a few times a month. Nearly 75% of consumers feel “sad, worried, guilty, or annoyed” when their local stores close.
The COVID-19 pandemic has been a turning point for millions of consumers. Almost 75% of respondents admit that the pandemic increased their appreciation for local stores.
Suburban consumers say they have become “increasingly passionate” about contributing to their local economies and cite this as the “main reason” they shop locally.
Interestingly, the younger the consumer, the more determined they are to buy local. Generation Z and millennials “are the most passionate about seeing their local main streets thrive.”
In the survey, 100% of Generation Z and 96% of millennials say they would “take action” to help local businesses.
The details about the survey:
• Willing to shop locally more often—70% Generation Z; 69% millennials
• Willing to encourage family and friends to support local businesses—59% Generation Z; 60% millennials
• Willing to shop local during the holidays—nearly 55% of Generation Z and millennials.
Max Rhodes, co-founder and CEO of Faire, told CSA that the small business owners running these stores are the reason for consumer enthusiasm. The “superpowers of curation, agility, and community building” of store owners have successfully met a growing consumer demand for connection and values-driven shopping. By leveraging these advantages, they continue to increase their market share.
Faire conducted a separate survey with its clients, who acknowledged the increase in consumer support. Nearly 85% of store owners say they “feel supported by their communities, and almost 90% believe that local stores receive more local support than big box stores in their neighborhoods.”
To continue attracting local shoppers, about 90% of surveyed retailers say they are focused on providing “personalized customer service and curated product selections.”
Source: Currents