52% of small businesses believe customers are shopping small to support them during tough economic climate
Small businesses are receiving much-needed support from their customer base according to new research from American Express, released to coincide with its summer Shop Small campaign that helps support the nation’s local and independent businesses.
The research, conducted by Opinium on behalf of American Express, found that over half (52%) of small businesses believe customers are choosing to shop with small businesses to support them during the current challenging trading environment, brought about by a range of cost and supply chain pressures.
This support is reflected in the number of new customers shopping with small independents; more than half (55%) of small businesses report seeing a rise in new customers purchasing from their business over the last six months.
When it comes to the future, two-thirds (66%) of small business respondents say they are expecting sales to grow over the next year, with over a third (35%) stating they are optimistic about prospects for their business.
Dan Edelman, Vice President and General Manager, UK Merchant Services at American Express said: “After the many challenges of the last few years, it’s heartening to see that customer support for the nation’s valuable small businesses remains strong. We’re proud to champion these businesses, which is why we’re encouraging our Cardmembers to show their appreciation by shopping locally with the return of Shop Small this month, available at more locations than ever before.”
First launched 10 years ago, Shop Small helps independent businesses attract customers through their doors and is just one of the ways American Express champions small businesses all year round. The company is the founder and Principal Supporter of Small Business Saturday, which celebrates its 10th anniversary this year (3 December).
Michelle Ovens, Director of Small Business Saturday UK, added: “Such optimism shown towards small businesses is fantastic to see, especially as we navigate through a challenging time when they need our support more than ever. Choosing to back campaigns such as Shop Small and Small Business Saturday is an excellent way to get behind our nation’s independents and give them the recognition they deserve.”