Consumers encouraged to support local on Small Business Saturday: CFIB

The Canadian Federation of Independent Business is hoping British Columbians allocate their hard-earned dollars to supporting local businesses this weekend.

Small Business Saturday falls in between Black Friday and Cyber Monday, and is dedicated to promoting local, independent businesses.

According to the CFIB, the average small business is carrying over $100,000 in debt.

Emily Boston, a policy analyst with the organization, said 85 per cent of consumers want to support local, but about half said over the last five years, they’re spending more at larger businesses. She said one of the misconceptions the CFIB is trying to address with Small Business Saturday is that small businesses don’t offer competitive pricing.

“They’re offering incredible deals and discounts that absolutely rival those of big box stores,” she said.

Boston said many local businesses are facing numerous challenges right now due to inflation, which remains above the Bank of Canada's two per cent target. Boston said every dollar spent shopping local has a big impact.

“When you spend a dollar at a local small business, about 66 cents of that dollar is recirculated into the local economy, compared to only 11 cents if you spend that same dollar at a large, multinational retailer," she said. “Clearly, spending at a small business has a far greater positive impact on your community.”

Boston said for many small retailers, it’s a make-or-break time of the year as they head into the holiday shopping season.