‘Tis the Season to Think Big and Shop Small

The season of joy is finally here! It usually involves celebrations, fun parties with friends and family, and a time for reminiscing about the year we are putting behind us while setting our expectations for the year ahead. Although 2020 has put some of these traditions on pause, others, like Christmas shopping, will likely make an appearance, although different. Whether it is a present for a loved one, a decoration for our home, or a special gift for ourselves, holiday shopping has always had an emotional connotation; after all, it represents well wishes, gratitude, and hope. 

Nevertheless, this year’s shopping plans might feel different. Many households have experienced income loss or overall changes in their shopping habits due to the pandemic. In a way, we have become more mindful about our money and where we decide to spend it. With that in mind, it is pertinent to stress the importance of buying local from small businesses, not only because it enhances a sense of community but also because they play an essential part in our economy. 

Small and Medium Enterprises (SMEs) represent most businesses worldwide and are crucial contributors to job creation and global economic development. They also represent about 90% of our economic engagement and more than 50% of employment worldwide. According to The World Bank, 600 million jobs will be needed by 2030 to absorb the growing global workforce, making SME development a high priority for many governments worldwide.

SMEs are the backbone of the American and European economies. In the United States alone, The Office of the Trade Representative reports that 30 million SMEs account for nearly two-thirds of net new private-sector jobs in recent decades. Nonetheless, more than 100,000 small businesses in the U.S. have permanently shut their doors since COVID-19 was declared a pandemic in March (The Hill, 2020). 

Despite the statistics, new research shows that small business owners are optimistic about the future. According to a survey conducted by the Society for Human Resource Management, around 75% of small business owners in the U.S. agree that if a crisis like the COVID-19 pandemic were to happen again, they’d be better prepared to handle it. Additionally, 52% of small businesses surveyed expect to recover to pre-Covid profitability in six months or less. Exactly what is the source of their optimism? 

As it turns out, due to the limitations imposed by COVID-19, many small businesses had to get creative and invent new products, and one in three of those surveyed said they’ve found new ways to deliver services. The study also showed a boom in reskilling and upskilling; for example, 22% of small businesses have asked employees to learn new skills to support changes, making this ultimate example of creating opportunities out of adversity (Forbes, 2020).

The small business community is doing its part because they innovate and provide their customers with quality products and services amidst chaos and uncertainty. They are discovering new avenues in the morass. But what role do we play in this massive effort? The answer is simple: we show up by buying small and local, supporting their action, and our entire economy. 

I am sure you can find plenty of alternatives to do your Christmas shopping in a COVID-safe environment. Still, I would recommend considering buying from small and local businesses. Many local shops have an e-commerce presence, making buying local and online a genuine and attractive possibility. You can also buy a gift card from an independent store or retailer. You might also consider curbside pickup or delivery from local restaurants. 

Local First Arizona is an organization that explains that buying small and local keeps the money where your heart lives. It supports an economy of friends and neighbors and builds a community that thrives by thinking local first. Also, buying local reduces environmental impact because locally owned businesses make more local purchases requiring less transportation. As you can see, there are plenty of reasons to support small and local businesses, and if in the process we happen to treat ourselves to holiday cheer, better. What about you? What are your favorite local shops? What are your tips to support local businesses? I would love to read your experiences on the subject. In the meantime, happy safe-and-local Christmas shopping! 

I invite you to share this article to promote local business and enhanced affective bonds in our neighborhoods and communities this season.

Be healthy and safe,

Marco

For more information, please visit: 

Forbes (2020). Small Businesses Are Optimistic About The Future, Even As They Continue Navigating Covid-19. Available on: https://www.forbes.com/sites/samanthatodd/2020/07/02/small-businesses-are-optimistic-about-the-future-even-as-they-continue-navigating-covid-19/?sh=ff890e91a4e8

The World Bank. Small and Medium Enterprises (SMEs) Finance. Available on: https://www.worldbank.org/en/topic/smefinance

The Hill. More than 100,000 small businesses have permanently closed due to coronavirus, study estimates. Available on: https://thehill.com/changing-america/well-being/longevity/497519-more-than-100000-small-businesses-have-permanently

Local First Arizona: Change Starts Locally. Available on: https://www.localfirstaz.com/