This year’s third Shop Small campaign launch was held in one of Melbourne’s most iconic shopping strips, Greville Street, Prahran. The Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, invited all Australians to shop small and shop big, not just in November, but right throughout the year.
The Shop Small movement was founded by American Express to shine the spotlight on small business throughout November.
“Small Business really is at the heart of the Australian community and at the heart of our economy. There are more than two million small businesses right across Australia and they employ more than 4.5 million Australians. The contribution that small business makes to the Australian economy is about $340 billion each and every year,” Ms O’Dwyer said.
With a new research report showing that 82% of small businesses are concerned with the costs and overheads of running a small business, Ms O’Dwyer said the Federal Government believes it is important to reduce red tape and regulation for small business.
The report, commissioned by American Express, which captured the sentiments of more than 700 business owners and 1,000 consumers across Australia, has shown small businesses hold emotional value for local communities that big businesses can’t compete with.
In the Economy of Shopping Small Report, Australians admitted to increasing the frequency they shop at large businesses nine per cent more than they have at small businesses in the last 12 months. Fifty four per cent of Australians prefer to shop with large businesses, compared to 46% who opted for small businesses.
The majority of consumers agree small businesses provide positive emotional value, breeding feelings of attachment (54%), giving the community its identity (62%) and adding to its charm (62%).
Even with a 10% increase in prices, 42% of Australians would continue to support small family run businesses, whereas only 26% would continue to support solely online businesses.
For more information look up Shop Small Australia.