Survey reveals importance of shopping locally

Print

Shopping from a local business this Christmas could double the amount of money that stays in the local community, new research reveals.

Newmarket-high-street.jpg

The study, commissioned by Visa, found that for every £10 spent with a local business, more than a third (£3.80) stays within the area. The research also found that currently Brits spend just over a fifth of their money locally, however, they would be willing to spend half of their money with local businesses.

By choosing to shop local this Christmas, consumers could double the amount of money that stays in their local area at a critical time for Britain’s small businesses, the study reveals.

More than half of Brits surveyed (54%) say it’s important to them to shop locally because they know how much their custom means, while 43% say that supporting local shopkeepers makes them happier. Consumers also believe that local businesses contribute to their community by employing local people (49%), making the area a nicer place to live (39%), and keeping it vibrant (38%).

Jeni Mundy, managing director UK & Ireland at Visa, said: “Where we choose to shop matters. While for many of us, shopping locally is simply a convenient way to purchase goods and services, for local business owners it’s the lifeline they rely on, especially in these challenging times.

“Our research with the Cebr has found the extent to which communities prosper when we all support local businesses, so continuing this support at Christmas – and beyond – will have a profound impact on how our communities recover.”

In addition, the research shows that 81% of those surveyed are planning to give local businesses as much, or more, support than before the Covid-19 pandemic.

Londoners are the most likely to shop locally, currently spending £3.05 of every £10 with independent businesses near them. However, they estimate that up to £5.78 of every £10 could be spent locally if they made the choice to further support businesses in their area.

Those in Wales and the South West are the least likely to shop locally, spending just £1.94 of every £10, but estimate they could increase this spend to almost £5 in every £10.

The study finds consumer support in 2020 has been crucial for many independent businesses, with more than half of shopkeepers (54%) admitting the support of their local community has helped them to keep going through this difficult year.

Word of mouth recommendations were the most valued type of support (63%) followed by customers choosing to spend money with their business (46%) and support their business on social media (19%), the research reveals.