The confirmed inflation rate rise this month is a concern for everyone, not least the nation’s 6 million small businesses. With rising costs and product shortages one thing is for sure: We need our local communities to come together to support small businesses this Christmas.
Statistics from the Bank of England show a typical household in the UK spends just over £2,500 in a month. But in the run up to Christmas our spending habits change – we spend on average almost £740 more in December, which is 29% more than in a typical month.
With most Christmas shopping taking place on the high street or online we have already spotted well-known stores getting into the Christmas spirit and shifting festive stock earlier than ever at discounted prices.
Unfortunately, with the cost of living rising and peoples belts tightening, it is hard to steer shoppers away from big brands discounting products and entice shoppers into local shops. Pair this with product shortages and our local businesses have quite a battle on their hands this Christmas.
However, we know our small local businesses work hard on the lead up to Christmas to meet demand, and to also price products fairly based on quality and time. There is no doubt when you shop locally, you always have a personalised and meaningful experience, so how can we support these amazing businesses further?
Be your local businesses biggest cheerleader
Showing support for local businesses can be carried out in many ways – from recommending a service to friends and family, to sharing your experience online, kind words go a long way for small businesses.
Remember you are investing in your community
Not only does shopping in a local business help it financially, but it also supports the wider local economy and community. It’s an excellent opportunity to see new businesses continue to open and prosper within your local area. In turn, thriving independent businesses can help boost the prices of homes and properties within the area.
Quality over quantity
Local businesses may not always be able to compete with larger brands in terms of advertising. However, unlike larger stores that have to stock many products, local businesses are more likely to focus on the quality of the things they sell rather than the quantity. A quality gift that is fairly priced for a loved one goes a long way, for both the business and yourself!
How will you be continuing to support our small businesses this Christmas?
If you would like any guidence on how to move your business forward, GGGlobal has the necessary skillset to help you manage your business more efficiently and more profitably. if you would like some assistance, please dont hesitate to contact us.
From business planning to assisting with your organisations growth, we are happy to advise and help where we can. Get in touch to start your no-obligation consultation!
