The 2014 Westpac Australia Day Index has revealed encouraging results for retailers in Australia as Aussies consumers declare their loyalty.
Nine out of ten Australians report they feel loyal to small businesses and almost half (49 per cent) of them believe the best way they can help strengthen the nation’s economy is to buy from a local store.
“It’s great to see nine in ten Australians are loyal to small businesses and nearly half (45 per cent) are spending more with local suppliers than 12 months ago,” Westpac General Manager Retail Banking Gai McGrath said in a January 20 media release.
“We hope this support continues, especially in the lead up to Australia Day.”
Aussie patriotism has led the majority (71 per cent) of Australians to buy locally as they believe it supports their community and 58 per cent believe small businesses are the backbone to the Australian economy.
These results show it is important for local businesses to ensure their retail branding promotes their Australian roots to consumers.
Additionally, loyalty among Australian consumers is especially strong towards local grocery stores (39 per cent), pharmacies (37 per cent), restaurants (21 per cent), bakeries (20 per cent) and butcheries (20 per cent).
More than two-thirds (68 per cent) of Australians admit they would feel like they had ‘lost a part of their local community’ if a small local business closed down or moved out of the area.
Word of mouth is also a key benefit of loyalty among consumers as the Westpac report found 50 per cent of Australians show their support for local businesses by recommending them to family, friends and colleagues.
If you would like advice and guidance on a retail marketing strategy to ensure your business makes the most of Australian consumer loyalty this long weekend, contact the team at Retail Oasis today.