Good and bad findings in recent independent business survey.
The Institute for Local Self-Reliance recently released the results of their Independent Business Survey. One of the great findings was the impact of "Buy Local" campaigns in communities. According to the survey which included 2300+ respondents across all 50 states, businesses who were located in communities with local business initiatives saw on average a 6.8% growth in revenue vs 3.4% revenue growth in those who were not. This finding supports that consumers are changing buying habits. American Booksellers Association CEO Oren Teicher was quoted “For indie businesses in communities that don’t yet have a local business alliance, the time to realize the potential of working together is now.”
The survey results weren't all warm and fuzzy as respondents reported "showrooming" where customers physically look at and research products in stores but then buy online as being a "moderate to significant" problem. Gaining financing was also listed as problematic with 23% of survey participants reporting being unable to qualify for a loan in the past two years.