Faire’s Survey Reports: Americans Willing to Spend an Extra $2K in 2024 to Support Local Small Businesses
In a recent survey commissioned by Faire, an online wholesale marketplace, Americans are committed to supporting their local economies in 2024. The research, conducted by Wakefield Research, reveals that consumers are willing to spend nearly $2,000 more in 2024 to ensure the survival and growth of their favorite local shops.
Key Findings from the Survey:
Increased Spending: On average, Americans are willing to spend an additional $150 per month to support local businesses.
Frequent Visits: More than 65% of Americans visit their local Main Street at least a few times a month.
Emotional Impact: Nearly 75% of respondents feel sad, worried, guilty, or angry when local shops shut down.
Political Influence: A significant 85% of Americans say that a candidate's support for small businesses will influence their voting decisions in the upcoming election.
Stability and Growth: Despite recent economic challenges, nearly 80% of consumers report that their Main Street is stable or growing compared to 2019.
According to the company’s May 15th news release published on news.faire.com, Max Rhodes, co-founder and CEO of Faire, emphasized the importance of independent retail in maintaining the unique character of cities and towns. "These shop owners play an incredibly important role in what makes a city or town feel unique," Rhodes said. "Their superpowers of curation, agility, and community building have successfully met a growing consumer demand for connection and values-driven shopping."
Based on findings from Faire’s research, the pandemic has significantly shifted consumer priorities, with nearly 75% of Americans stating that they appreciate their local shops more now than before. This sentiment is particularly strong in suburban areas, where over 70% of residents cite contributing to their local economy as the primary reason for shopping locally. Nearly 85% of independent retailers say they feel support from their communities, which shows that this support is growing. Additionally, almost 90% of these retailers believe that local shops receive more support than big-box stores in their neighborhoods.
Faire also reported that millennials and Gen Z are at the forefront of this local shopping movement, noting that 100% of Gen Z and 96% of millennials are willing to do more to support their local businesses. This includes shopping locally more often, encouraging family and friends to do the same, and prioritizing local shops for holiday shopping. Both generations also consider a candidate's plan to support small businesses as a crucial factor in their voting decisions.
Small businesses have a substantial impact on the American economy, representing nearly 44% of the GDP and employing almost half of the country's labor pool. They also play a crucial role in empowering minority communities, with nearly 45% owned by women and 20% by racial minorities.
Faire’s report included a quote from Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce, who underscored the importance of shopping small. "Small businesses are the fabric of our communities and the backbone of our economy," Sullivan said. "Main Streets thrive when brick-and-mortar retailers lean into their smallness to create a close-knit, supportive atmosphere for their employees, their customers, and their community."
While Faire's survey hints at a promising future for the creative economy, Artisan Joy wants to ensure accurate reporting on this matter. Our team frequently encounters posts from creative small businesses announcing their closures. Therefore, we’d love input from our readers.
