Pandemic has Aussies supporting local this Christmas, especially online
03 Dec 2020
Three in four Australians are more interested in buying from Australian businesses since the COVID pandemic and 62% are prepared to pay more for an Australian product or service, according to fresh research from MYOB.
The survey of 1,015 consumers saw a significant jump in those who prefer to support local via internet shopping this year, with 20% planning to shop online at local Australian stores compared to 6% last year.
The emphasis on local retailers as well as the dramatic increase in online shopping can be put down to COVID-19, according to Jon Manning, Economist at MYOB.
“The pandemic caused a shift in consumer behaviour to online shopping and many businesses were forced to invest more heavily in their online presence, particularly if their physical stores were closed.
“Regardless of how they purchase, 39% of consumers surveyed strongly prefer independent Australian shops over other outlets such as mainstream Australian stores, overseas businesses and global online platforms, up from 24% in 2019.”
The COVID-19 pandemic materially impacted small business, with the RBA reporting in June that small businesses were twice as likely to report a decline in revenue as large businesses*.
While the desire to support local businesses could be a boost for Australia’s 2.4 million SMEs, consumers are also looking for discounts after a year where many saw a decrease in their personal finances.
“Seventy-eight per cent of respondents say they are more interested in discounts this year than in previous years, and 48% have had their income negatively impacted this year,” Mr. Manning said.
“It’s been an equally tough year for businesses, so no doubt discounting will be a tough call. Other avenues to explore are illustrating the value products offer, providing an exceptional customer experience or highlighting that they’re locally sourced or manufactured.
“Thirty-one percent have started Christmas shopping earlier this year, so hopefully those retailers struggling after a challenging 2020 can have a strong end to the year.”
For further comment or other information please contact:
Selina Ife, Communications Consultant, MYOB
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. At the heart of MYOB is a customer base of 1.2 million businesses and a network of more than 40,000 accountants, bookkeepers and consultants, for whom MYOB delivers end-to-end business and accounting solutions. MYOB operates across four key segments: Small and Medium Enterprises (SME), Enterprise, Financial Services and Practice. For more information visit myob.com or follow @MYOB on Twitter.