Majority are willing to pay more to support small business in their
TORONTO, July 31, 2012 /CNW/ - An overwhelming majority of Canadians (94
per cent) believe that small businesses play a critical role in the
growth of the economy and almost nine-in-10 (88 per cent) view them as
vital job creators, according to an RBC/Ipsos Reid survey.
"The success and vitality of Canadian small businesses have played an
important part in Canada faring well through these difficult economic
times," said Mike Michell, national director, Small Business, RBC.
"It's great to see that most Canadians view small businesses as the
lifeblood of their communities and are proud to give them their
In fact, 61 per cent of Canadians say they would pay more for a product
or service in order to support a small business in their community and
eight-in-10 (83 per cent) say they support small businesses in their
community by doing business with them or promoting them. For those who
show their loyalty, 72 per cent say the reason is simply that they like
to support owners who live and do work in their community.
"This type of consumer insight can help small businesses find the
success they're seeking," added Michell. "For example, small businesses
should capitalize on local support by becoming more active in their
community, highlighting their local roots and asking their best
customers to promote them."
The RBC survey also found that, when it comes to deciding which small
businesses Canadians would support in their community, three-in-four
(73 per cent) said word of mouth referrals was a factor, 68 per cent
said it was the location of the business, while visibility in the
community was the determining factor for half (51 per cent).
About RBC/Ipsos Reid survey
These are the findings of an RBC/Ipsos Reid survey conducted from May 10
to 15, 2012. The survey was conducted online via Ipsos Reid's national
I-Say Consumer Panel to 1,010 Canadians. Weighting was then employed to
balance demographics and ensure that the sample's composition reflects
that of the adult population according to Census data and to provide
results intended to approximate the sample universe. A survey with an
unweighted probability sample of this size and a 100 per cent response
rate would have an estimated margin of error of ±3.1 percentage points,
19 times out of 20, of what the results would have been had the entire
population of adults in Canada been polled.
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