Canadians have been showing increasing support for shopping locally, with this trend reflecting the broader “Buy Canadian” movement in response to today’s economic landscape, said Interac Corp. in a news release.
“Amid the current climate of economic uncertainty and evolving tariff threats, Canadians are looking at their spending in a new light,” said Debbie Gamble, Interac’s group head, chief strategy and marketing officer, in the news release.
Interac shared the results of a new survey, which found that, among Canadians polled:
- 79 percent felt that supporting local businesses was more important now than they did at this time last year
- 68 percent said that how they chose to spend their money directly impacted their local community
- 53 percent were prepared to pay an extra $5 to buy a product locally
- 33 percent would spend $10 more to purchase a product locally
- 73 percent saw more value in spending their money on local or Canadian-made products
- 71 percent actively looked for products that were clearly Canadian-made
- 40 percent had trouble verifying where products were made before buying
- 80 percent were more likely to choose Canadian-made over imported products
- 82 percent prioritized supporting micro businesses and small businesses in their communities
- 76 percent found local businesses more important to their communities than online-only retailers
- The top reasons for choosing Canadian-made goods were supporting the local economy (79 percent), trust in Canadian quality standards (56 percent), and patriotism or Canadian pride (55 percent)
“Our survey results confirm that Canadians are very intentionally exercising their spending power – choosing to support local businesses even if they may need to spend more to do so,” Gamble said in the news release. “This trend has emerged despite longstanding cost-of-living pressures and demonstrates a powerful commitment to local communities.”
“The 'Buy Canadian' energy and initiatives popping up across the country have been fantastic,” said Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), in the news release. “The best way to support Canadian businesses is to support locally-owned small businesses in your community and [look] for Canadian-made products wherever possible.”
Issue with unclear labels
The survey results suggest a problem where some Canadian consumers find it difficult to identify which goods are Canadian-made regardless of their desire to buy Canadian. Interac’s news release stressed the need for businesses to clearly label their products accordingly.
Interac shared in its news release that it has supported the CFIB in an initiative seeking to provide independent retailers with tools and resources to improve the visibility of their locally sourced products.
This initiative aims to assist small businesses in displaying their Canadian-made goods more effectively, to influence Canadians to shop local, and to help consumers make informed choices to keep spending in their local communities, according to Interac’s news release.
“Sixty-six cents of every dollar spent locally, stays locally,” Kelly said in the news release. “It benefits the business, their employees and the whole community.”
Interac, which provides payment and value exchange services, has almost 300 financial institutions connected to its network. It seeks to support the success of small and midsize businesses through its partnerships with organizations such as the CFIB.