A recent survey from online wholesale marketplace Faire, found that Americans are willing to spend an extra $2,000 on local businesses in 2024, if it means their favorite local stores will continue to thrive. On average, they are willing to spend an extra $150 a month to help ensure this.
According to the survey, over 65 percent of Americans visit their local Main Street at least a few times a month, and nearly 75 percent feel “sad, worried, guilty, or angry” when local shops close down. Nearly 80 percent said that their Main Street is stable or growing compared to 2019, despite the effects of the pandemic.
“We’ve always believed in the power of independent retail. These shop owners play an incredibly important role in what makes a city or town feel unique,” commented Max Rhodes, co-founder and CEO of Faire. “Their 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.”
The survey also found that consumers say they are willing to travel up to 30 minutes to visit local shops. Seventy-five percent said the pandemic made them appreciate their local shops more than they did before. Over 70 percent of consumers in suburban areas cited being passionate about contributing to their local economies as the primary reason they choose to shop local.
Faire confirmed the sentiment from consumers in a separate survey to its own customer base of independent retailers, which indicated that they have felt the growing consumer support in their own shops. Nearly 85 percent said they feel supported by their communities, while about 90 percent agreed that local shops receive more local support than big box stores in their neighborhoods.
To get a glimpse into what consumers are looking for, here’s a snapshot of what they said their “perfect Main Street” would have:
Faire’s research found that Gen Z prefers the shopping experience at independent retailers more than other generations, and that they visit their local Main Street most often. Eighty-five percent of those polled that fall into this category shop there at least a few times a month. Over a quarter do so a few times a week.
One hundred percent of Gen Z people polled, and 96 percent of Millennials polled said they would take action to help their local businesses. Seventy percent of Gen Z and 69 percent of Millennials reported that they are willing to shop locally more often while 60 percent of Millennials and 59 percent of Gen Z are willing to encourage family and friends to support local businesses.
It bodes very well that these younger generations of consumers are so willing to support local businesses. All small businesses should keep this in mind as they strive to reach customers and put their marketing dollars in the most effective places.
| FIND A SURCHARGE-FREE ATM! | |
|
|
|
|
|