A recent survey conducted by the Canadian Federation of Independent Business (CFIB) revealed that 88% of small businesses in Quebec believe that supporting local businesses plays a crucial role in creating and sustaining employment within the region.
The CFIB urged consumers to prioritize shopping at local retailers rather than opting for online giants, especially with the holiday season fast approaching. According to François Vincent, the CFIB vice president for Quebec, every dollar spent at a small retailer results in $0.66 staying in the local economy, a stark contrast to the mere $0.08 retained when shopping at large online retailers.
The survey also indicated a positive trend, with over half of SME owners reporting a rise in local purchases over the past year. CFIB, which represents 22,000 small and medium enterprises in Quebec, emphasized the importance of continued support for local businesses beyond the holiday season.
Vincent expressed optimism about the increasing momentum of local purchasing, emphasizing the significant impact it can have on the economy. Encouraging consumers to make a conscious effort to support local businesses, he stated, “Shopping locally means investing in our economy and our future.”
The survey findings highlighted that nearly three in five SMEs rely on local purchases for half of their revenue, underscoring the vital role that local customers play in the profitability of small businesses. A retail business owner emphasized the ripple effect of money circulating within the local economy, showcasing how each transaction contributes to sustaining various local livelihoods.
