Over 9 in 10 Canadians love having small businesses in their community, yet only 13% mostly shop at small businesses
CFIB’s #SmallBusinessEveryDay Big Thank You Contest is a timely reminder to shop local
Toronto, October 19, 2023 - A majority (78%) of small retailers say they’re losing revenue and customers to big businesses, according to a new report by the Canadian Federation of Independent Business (CFIB), which reminds consumers to challenge the way they think about shopping local.
The report, created in partnership with Scotiabank, is entitled Small Business, Big Impact: Small Retailers’ Local Contributions and reveals that over nine in ten Canadians (92%) said they love having small businesses in their community, but only 13% do most of their shopping at small businesses. Instead, most people (87%) reported doing the bulk of their shopping at large multinational retailers, either in-store or online.
“Despite the many contributions that small businesses make to their communities, most consumers don’t support them on a daily basis even though they recognize the importance of shopping local. There are many misconceptions among consumers, including that small retailers and multinational businesses contribute to local economies equally. In fact, when you shop at a small, independent retailer, six times more of that money stays in your local economy than when you shop at a large multinational retailer,” said Taylor Matchett, CFIB’s senior research analyst and co-author of the report. “Small businesses are also more price competitive than you think. Changing your current habits does not have to come with a higher price tag or less convenience.”
Nearly all small retailers (97%) said they contribute to their community or province in at least one way— the top ways they do so include donating to charities and causes (74%), sponsoring local events and teams (56%) and providing job opportunities for youth (55%).
CFIB’s #SmallBusinessEveryDay Big Thank You Contest is well underway
To encourage Canadians to shop local, CFIB has brought back its Big Thank You Contest. The contest is in full swing and will end on October 30.
Small business supporters can enter the weekly draw by visiting SmallBusinessEveryDay.ca and leaving a thank-you note to their favourite small Canadian business. The winners— one supporter and the business they thanked—are announced every week. The winning businesses will receive a $2,500 cash prize sponsored by Interac Corp., a one-year CFIB membership and a Big Thank You box. Small business supporters can also win $1,000 cash to shop local and a Big Thank You Box that includes small business products from every province and territory.
“Even a small change in spending habits will have a positive impact on local economies. Small businesses are the cornerstones of our communities. They hire and train the next generation of leaders, offer unique products and personalized services, and foster a strong sense of community,” said Emily Boston, a Policy Analyst at CFIB and the co-author of the report. “We encourage everyone to prioritize shopping local not just during Small Business Week, but throughout the whole year as well.”
For more information on the Big Thank You Contest and how to support small businesses, check out SmallBusinessEveryDay.ca. Business owners can download CFIB’s new digital toolkit, including a printable poster and customizable social images, to promote local shopping here.
For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB
About #SmallBusinessEveryDay Big Thank You Contest
The #SmallBusinessEveryDay Big Thank You Contest, created by CFIB, encourages support for independent businesses by inviting Canadians to send thank-you messages to their favourite small businesses. Every week from October 2 to October 30 an entrant wins $1,000 cash and a Big Thank You Box that includes small business products from each province and territory. The winning businesses will receive a $2,500 cash prize sponsored by Interac Corp., a one-year CFIB membership and a Big Thank You box. The contest is sponsored by Scotiabank and Interac Corp.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as of April 30, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.
About Interac Corp.
Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money and data in Canada, security is the core of everything we do. We help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture, community, and corporate citizenship. We are proud to be one of Canada’s leading and most trusted financial brands. For more information, visit our website.
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.