Many Canadians willing to pay $5 to $10 more to support local businesses in their communities: survey

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Published May 25, 2021 at 2:25 pm

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Have you been prioritizing supporting local businesses?

Since the onset of the pandemic, with governments at the provincial, federal, and municipal levels imposing restrictions on businesses in order to curb the spread of COVID-19, many been forced to close permanently.

In response, many Canadians have begun prioritizing local businesses, particularly ones in their community.

A recent survey from Interac Corp. found that 75 per cent of Canadians have made shopping and supporting businesses in their community a bigger priority, and 55 per cent said this desire has resulted in them shopping closer to home.

Additionally, 48 per cent said they would be willing to wait a little longer for delivery or pickup to support a local business as opposed to ordering the same item online.

Further, 50 per cent of respondents said they would be willing to pay up to five dollars more, and 31 per cent said they would go as high as 10 dollars more, for an item that was sold by a local, small business as opposed to a large online retailer.

“While spending is still down overall and the impact of the pandemic to small businesses is still being felt across the country, Canadians are telling us that when they do spend, they want their dollars to support small business recovery post-pandemic,” William Keliehor, chief commercial officer for Interac Corp., said in a news release.

“We also know digital, contactless payments are an important driver of choice. Ensuring local businesses can serve customers safely with digital solutions will be an important part of the economic recovery when spending returns to pre-pandemic levels,” he continued.

Based on the findings, 66 per cent of Canadians believe businesses that do not allow any form of digital payment options will struggle.

This believe is supported by the fact that digital debit payments have increased by 333 per cent year-over-year across the country.

“The stickiness of digital payment solutions will have a long-term impact on Canada’s retail industry. Businesses who prioritize integrated payment options across the consumer’s shopping journey, whether online, in-app, or in-store, will be better positioned in the future,” Keliehor added.

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