‘One in five cutting back on shopping with independent retailers’

Despite having a high regard for local shops, one in five Britons are cutting back on shopping with independent retailers as a result of the cost-of-living crisis, states a recent study, citing perception of higher prices at local stores as the main reason.  

According to new research commissioned by Faire, 20 per cent of British consumers are cutting back on shopping with independent retailers because of the cost-of-living crisis.  

The report adds that consumers feel protective of independent shops and want to support them for their ‘social good’. 30 per cent of British consumers say they feel responsible for supporting independent retailers while 32 per cent of those surveyed said shopping at independents allows them to reduce their carbon footprint. 20 per cent said they think indies provide more sustainable products  

Despite this, 48 per cent of British consumers still think independent shops are too expensive when compared to larger chains and online marketplaces. 

The report further claims that independent businesses thriving at the moment are the ones innovating with digital technologies. Among independent retailers, 66 per cent felt their businesses were thriving thanks to digital transformation and 48 per cent said that embracing technology has increased revenues.  

61 per cent of the small-to-medium-sized independent retailers surveyed who operate both in-store and digitally report that their business is thriving.  

Commenting on the report, Olivier Buffon, Head of International at Faire, said: “Small and independent businesses are the backbone of our economy and our local communities. What this report shows is that consumers turn to them to provide products that are quality, which reflect their values, and which are thoughtfully curated.  

“Combine this with the promise of digital innovation, both in how retailers source goods but also in offering digital ecommerce options to consumers, and it’s clear that despite some challenges, independent retail has a bright future.”