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Extra gift could lead to $1.2bn SME sector windfall this Christmas

Adrian Flores
Adrian Flores
16 December 2020 1 minute readShare
Extra gift

New research suggests that Australians could deliver an estimated $1.12 billion to the small business sector this Christmas just by buying one more gift from their favourite local business.

According to the Season of Small Research from Intuit QuickBooks, only just over one-third (36 per cent) of all gifts this year will be bought from small businesses.

Further, on average, Aussies said they expect to cut back on their Christmas shopping this year by buying one less gift.

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For those who do shop with local small businesses, the research found that they believe the benefits are more personal than just supporting the local economy, with 51 per cent of those who shop with small businesses saying they do so because they are able to give back to the community.

In addition, 43 per cent said they shop local to find more niche products, while 40 per cent saw it as a more intimate experience.

 

The research also found that 28 per cent of Aussies said supporting small business is like eating a family home-cooked meal, while a quarter (24 per cent) said it gives them the same feeling as wrapping their hands around the perfect hot drink.

Meanwhile, shoppers who prefer to shop with larger businesses said they do so because there are more products to choose from (62 per cent) and they get better deals and discounts (60 per cent).

Intuit Australia’s head of customer experience, Gabrielle Dracopoulos, said there has been a significant amount of financial turmoil for small businesses this year.

“The great news is that just by buying one extra gift from a small business this Christmas, you could make a huge difference to the people that give so much to the community, be it a neighbour, a friend or a family member,” Ms Dracopoulos said.

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“Small businesses really are the lifeblood of the community, and without our support, we could be looking at a very different small business landscape in the new year.”

Extra gift could lead to $1.2bn SME sector windfall this Christmas
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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