PROVIDENCE – Shoppers are more committed to supporting small businesses now than before the pandemic hit, according to a new survey by HarborOne Bank.
And as in-person shopping and dining resumes in earnest, local companies are going to reap the benefits of consumers opening their wallets in their communities, the survey stated.
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“The HarborOne Bank Consumer Perceptions survey delivers encouraging news for the many small local businesses that serve the communities in our banking footprint,” HarborOne Bank President and Chief Operating Officer Joseph Casey said in a statement. “There is no question that people in eastern Massachusetts and Rhode Island are eager to patronize local merchants, restaurants and service providers as more in-person spending resumes and strengthens.”
More than 9 in 10 consumers surveyed within the bank’s footprint said they wanted to see more support for small businesses. By contrast, 25% of consumers said they did “zero local spending” before COVID-19, the survey stated.
While in-person shopping took a hiatus during the onset of the pandemic, more than half of those surveyed said they have resumed their regular spending habits, with another 32% planning to join them. When deciding where to shop, product quality and services was the No. 1 deciding factor, followed by the convenience of the location, the survey stated.
“A useful takeaway from these findings for the small businesses in HarborOne’s footprint is that the moment is now for them to capture a larger share of consumer spending as old buying and shopping habits resume,” said Matt George, partner and head of research for Seven Letter and founder of Seven Letter Insight, which conducted the study on behalf of HarborOne. “We’ve learned that many consumers in eastern Massachusetts and Rhode Island are already reformulating their spending habits. They’ve told us overwhelmingly they want to support local businesses and are making plans to do so. That’s important information for strategic business planning.”
The survey reflects results of 452 people in eastern Massachusetts and Rhode Island who represent six income categories.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
