Supporting Small and Local Businesses During the Holidays
December 8th, 2022
When searching for the perfect gifts for family and friends, keeping your holiday shopping small and close to home this holiday season can have a significant impact on your community. Not only does shopping small and local help keep local economies afloat, but it also helps you build relationships and have a little fun too.
Luckily, more and more consumers are realizing the importance of shopping small and local. A recent survey by Intuit (2022) found that consumers plan to spend approximately 40% of their holiday budget this year at small businesses, presenting an $88B revenue opportunity.
Although shopping online or at major retailers is convenient, here are five reasons to consider keeping some of your holiday shopping small and local this season:
1. Help Your Local Economy Thrive
When you make the decision to spend your money at local businesses, you help your local economy thrive. Currently, small businesses account for about 77 million jobs in the United States (Rayburn, 2021). Dollars spent at local businesses help keep your neighbors employed and support the overall health of your community.
Small businesses also give more back to local communities. Approximately 68 cents per dollar spent at a local business goes back into the local economy, compared to 48 cents per dollar spent at major retailers (Rayburn, 2021). Due to employee spending and the fact that local businesses tend to source goods and services from other local businesses, each dollar spent at a local small business also generates an additional 50 cents in business activity within the local community (Business Wire, 2018).
2. Give Gifts With Meaning
Gifts from large retailers are often impersonal and run-of-the-mill. They choose to carry the items that they do in large part because they’re profitable. Small and local businesses, on the other hand, often feature unique, homemade and one of a kind gifts that are crafted with care and love every step of the way.
3. Get Involved With Your Community
Shopping small helps people build connections within their local community and become more involved. Purchasing from a local store is often a more personalized experience. You’re able to see and speak with the family or individuals that you’re supporting, rather than exchanging money at a faceless big box store. In turn, many small business owners are actively involved in the community and make efforts to give back when possible.
4. Make Environmentally Friendly Choices
Buying from large retailers and online can leave a big environmental footprint. Choosing to buy from local retailers is often a more sustainable practice, in part due to smaller shipping operations and the fact that many small business owners source goods and services from other local businesses (Rayburn, 2021). Even when shopping online, small businesses tend to be more sustainable than buying from retail giants.
5. Support the Businesses You Love
Small retailers rely on your business more than big stores do. When you purchase from a local business, you’re helping to ensure that they stick around. In fact, according to a survey by Intuit (2022), 80% of small businesses have stated that the 2022 holiday shopping season is more important for their business continuity than the 2021 season. This is in large part due to high inflation and the current unpredictability of the economy. Buying local shows the businesses you love that you want them around for years to come.
Although it’s not always possible, choosing to buy from local and small businesses this holiday season makes holiday shopping a more meaningful, personal, and intentional experience. Engaging with your local community, creating connections, and supporting those around you is exactly what the holiday season is all about.
What are your favorite local shops?
Give them a shout out here! Comment below with a link to their store. Happy shopping this holiday season!
Business Wire. (2018). Another Reason to Shop Small® on Small Business Saturday®:
Approximately 67 Cents of Every Dollar Spent at a Small Business Remains in the Local Community. Business Wire, A Berkshire Hathaway Company. https://www.businesswire.com/news/home/20181113005356/en/Another-Reason-to-Shop-Small%C2%AE-on-Small-Business-Saturday%C2%AE-Approximately-67-Cents-of-Every-Dollar-Spent-at-a-Small-Business-Remains-in-the-Local-Community
Intuit. (2022). Intuit QuickBooks Report Reveals Holiday Spending with Small Businesses Could
Hit $88 Billion Despite Fragile Consumer Confidence. Press Release. Intuit, Inc. https://www.intuit.com/company/press-room/press-releases/2022/intuit-quickbooks-report-reveals-holiday-spending-with-small-businesses-could-hit-88-billion-despite-fragile-consumer-confidence/
Rayburn, M. (2021). Why We Should All Shop Local During the Holiday Season. OneMain Financial. https://www.onemainfinancial.com/resources/everyday-living/shop-local-during-the-holiday-season