The Canadian Federation of Independent Business hopes British Columbians will use their hard-earned money to support local businesses this weekend.
Located between Black Friday and Cyber Monday, Small Business Saturday is dedicated to promoting local, independent businesses.
According to CFIB, the average small business has over $100,000 in debt.
Emily Boston, a policy analyst at the organization, said 85 percent of consumers wanted to support local products, but about half said they had spent more money with larger companies in the last five years. She said one of the misconceptions the CFIB is trying to dispel with Small Business Saturday is that small businesses don’t offer competitive pricing.
“They offer incredible deals and discounts that absolutely rival those of the big box stores,” she said.
Boston says many local businesses are currently facing numerous challenges due to inflation, which remains above the Bank of Canada’s two per cent target. Boston said every dollar spent shopping locally makes a big impact.
“When you spend a dollar at a local small business, about 66 cents of that dollar goes back into the local economy, compared to just 11 cents when you spend the same dollar at a large, multinational retailer,” she said. “It’s clear spending in a small business has a far greater positive impact on your community.”
Boston says it’s a crucial time of year for many small retailers as they head into the holiday shopping season.
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