I saw some research that probably validates a lot of what we already know but its message bears repeating.
The research by Santander Business Banking, based on a recent online poll of 2,031 UK adults by pollster ICM, showed that spending by UK adults at local businesses amounts to around £218 billion.
The figures are based on an average spend of £88 per week for every UK adult within local business, defined as local business such as shops or services within a 15-minute walk of their house.
No small number.
Now, here’s the suprise: Boston Consulting Group estimated in 2010 that UK online consumption was around £120 billion.
I don’t know about you but I don’t think that local business gets the coverage, support or good press that it merits based in it’s size and contribution to the overall economy. Do you?
After all, based on these figures, it is almost twice as important to the UK economy as all internet commerce.
There is no doubt that our local shops and high street are changing and the economic environment is challenging but I think it is up to us to support our local businesses.
Further, the research shows that there may also be many opportunities for new local businesses on the high street.
The research reported that two thirds of people live within walking distance of a coffee shop or a gym and, two thirds of people would like to see at least one more local business in their area.
So, here’s some questions for you:
- Do you live in an area within walking distance of a coffee shop or a gym? If not, there may be an opportunity in your local area.
- What is your local area missing? Could this be your opportunity?