International Council of Shopping Centers (ICSC) released the results of its Small Business Consumer Survey* that found that 94 percent of adults either shop, spend or use the services of small businesses. Over half of consumers, 54 percent, shop at small businesses at least once a week, and 42 percent frequent small businesses more frequently than before the pandemic.
The survey results showed that 67 percent of shoppers purchased at, or used food service and drinking establishments, 50 percent shopped at grocery stores and specialty food shops and 33 percent shopped at small businesses that primarily sold clothing, footwear and accessories.
“Small business owners are innovators and creators at their core, delivering the products and services we depend on and making our neighborhoods, towns and cities more vibrant places to live and work,” said Tom McGee, president and CEO of ICSC. “Every purchase made at these businesses provides these owners with the opportunity to serve the community while also making a difference to local economies.”
The report found that shoppers who frequent small business customers are as diversified as the stores. More Gen X (74 percent) and Baby Boomers (70 percent) patronize foodservice businesses compared to Millennials (65 percent) and Gen Z (50 percent). And a higher percentage of Gen Z (46 percent) shop at clothing stores compared to Millennials (36 percent), Gen X (31 percent), and Baby Boomers (29 percent).
Consumers also have different motivations when deciding where they will shop. Fifty-two percent of small business shoppers want to keep money local, 49 percent enjoy the quality of goods and services, 47 percent enjoy the convenience, and 46 percent prefer the price and value of the products. By comparison, 63 percent of large business customers prefer the price and value of products they find at larger stores, 59 percent enjoy the convenience of store locations and 50 percent appreciate the large variety of goods and services.
“Small businesses are the lifeblood of the economy and makeup 70 percent of marketplace tenants. They were among the hardest hit during the pandemic but are making a strong comeback based on continued consumer demand,” stated McGee. “Each generation finds value in the products and services offered at these tenants, which is why they continue to be a part of our daily lives.”
*The 2022 ICSC Small Business Consumer Survey was conducted online from March 14-16, 2022. The survey represents a demographically representative sample of 1,009 respondents.
