Support for Main Street businesses is growing amongst consumers in Canada, according to the results of a recent survey by Interac, the Canadian online payments platform. The poll contained a promising set of results which clearly indicate a potential uplift for small and medium sized businesses across the nation, as shoppers are increasingly making more intentional spending decisions to support companies in their local communities. The answers revealed a newly emerging spending mindset amongst people throughout Canada today, with almost 80% of Canadians agreeing that supporting local businesses feels more important than it did this time last year. To expand on the findings of the survey, we’ve examined the factors contributing to this new spending mindset, alongside the implications of this trend for Canada’s wider economy.
What Is Driving This New Spending Mindset?
Evidently, Interac’s survey reveals that shoppers in Canada are thinking in more local terms when it comes to spending their hard-earned dollars. The majority of survey participants expressed a growing desire to choose Canadian-made goods, with this mindset attributed mostly to a desire to support the local economy, as well as an overall sense of pride in trusted Canadian product standards. Of the people polled, 7 in 10 agreed that they actively look for products that are Canadian-made, whilst 8 in 10 agreed that they are more likely to choose Canadian-made products over imported ones. This clearly demonstrates a widespread desire to support homegrown businesses throughout the nation, and indicates that many consumers in Canada now actively prefer to purchase domestic products. These survey results also reflect the priorities of the wider ‘Buy Canadian’ movement, a grassroots community-focused response to the challenges of the current economic and political climate, which has galvanized a variety of shoppers in recent times.
In today’s rapidly changing economy in which modern consumers now have more choices available to them than ever before, it may seem unusual that shoppers are instead returning to the Main Street. The ease and accessibility of online shopping has opened up an enormous global marketplace, yet countless people in Canada are clearly looking to return to their roots, in an attempt to build personal connections with retailers in their own communities. Interac’s survey indicated that almost 7 in 10 respondents were more likely to purchase from businesses that aligned with their moral values, with many highlighting specific motivations such as supporting retailers with sustainable practices and ethical production methods. Rather than choosing the most streamlined option, many of today’s Canadian consumers are instead taking a renewed and more considered approach to their spending, as they increasingly aim to use their purchasing power to make a positive difference in their local communities – even if it costs them a little more than the alternatives.
What Are The Likely Benefits For Main Street Businesses?
This more conscientious approach to spending is a fascinating trend, which will undoubtedly bring about positive changes for local services and Main Street retailers across the country. On the whole, Interac’s survey findings suggest that local economies and smaller, Canadian-owned businesses are set to benefit from an overall boost in consumer support in the coming months. As rising living costs continue to influence financial habits, consumers are becoming more intentional with their purchases, and are regularly choosing locally-made, high-quality and unique products. This more localized approach to spending will undoubtedly help Main Street retailers and local economies to weather the storms of the wider global market this year – amidst this turbulent time for both the national and global economy, small business owners in Canada may be reassured to hear that communities are rallying together to better support their favorite shops and services nearby.
As a Canadian company itself, Interac supports a number of initiatives which aim to encourage people to shop locally. The payment platform provides small businesses with the vital tools required to promote their products, alongside supporting the Canadian Federation of Independent Business (CFIB) in their efforts to showcase local independent producers. The payment platform aims to increase connectivity and collaboration between retailers in Canada, and has over 300 financial institutions connected to its network today. Their support for Canadian businesses is wide-ranging, from helping gamers to make smooth deposits at many of the Interac e-transfer online casino sites available in Canada today, to facilitating millions of payments every day for small Main Street retailers. For business-owners, these assistive financial products can be incredibly useful for managing day-to-day transactions, and Interac’s decision to commission this latest survey clearly highlights their ongoing commitment to generating support for local companies across Canada.
Looking ahead, the long-term impacts of this new spending mindset could utterly transform the prospects of many Main Street retailers. If this trend towards visiting local and independently-owned shops continues into the years to come, local economies in Canada may become much more resilient, with small retailers attracting an increasingly large and loyal customer base in their own area. Currently, it remains unclear whether this phenomenon is a passing phase or a more significant cultural shift amongst people in Canada – only time will tell if this growing support for local businesses will last well into the future. As the national economy navigates uncertain waters amidst rapidly-changing global markets, any sustained increase in support for Main Street businesses should bring about positive and lasting economic results for local communities, including better job opportunities and mutually beneficial community partnerships.
Ultimately, the results of Interac’s recent survey are a largely positive indicator for the future of local economies, Canadian-owned businesses, and Main Street shops around the nation. The responses certainly indicate a growing desire to move away from the convenient yet impersonal experience of shopping at major retailers and online stores. Instead, many consumers in Canada are now hoping to support small enterprises in their own communities, in a significant shift towards much more localized purchasing habits. In the coming years, it will be fascinating to see how this phenomenon unfolds – these changes could create a major positive turning point for small businesses all around the country!
