23rd November 2020: Buying more of your Christmas dinner ingredients, loved ones’ presents or home decorations from a local business could double the amount of money that stays in your community, according to new research commissioned by Visa.
After a year of upheaval for independent businesses, and ahead of Black Friday weekend, Visa has released key findings from its upcoming report created in partnership with Cebr (Centre for Economic & Business Research). The socio-economic report launches alongside Visa’s Where You Shop Matters Christmas campaign, championing Britain’s local, independent businesses for a third consecutive year.
According to the research, for every £10 we spend with a local business, more than a third (£3.80) stays within the area, showing the value of shopping locally. 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 community benefits of shopping local
Over 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 they get a boost of happiness when they support local shopkeepers. Consumers also believe that local businesses contribute to their community by employing local people (49%), making the area into a nicer place to live (39%) and keeping it vibrant and buzzing (38%).
Meanwhile, one in five (18%) own or are employed by a local business themselves so understand first-hand what community support means to them. Despite this, three in five consumers (62%) remain worried that independent businesses will not survive if their local community does not back them.
Jeni Mundy, Managing Director, UK & Ireland, Visa comments:
“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.