CMS/LPM
Price Sensitivity Consumers frequently perceive large retailers as providing better value propositions. This perception persists even when local businesses o er superior-quality products, artisan craftsmanship, or unique regional flavours. Overcoming this price insensitivity—especially in a market defined by competitive pricing—is a crucial hurdle for local enterprises. Building a Community Focused Mindset to stimulate a positive shift in consumer behaviour toward supporting local businesses, stakeholders—including local business owners, community leaders, and policymakers—should consider the following strategies: Emphasise the tangible benefits of shopping locally, such as job creation and revitalisation of the local economy. By highlighting these aspects, communities can better understand
the direct impact of their spending choices on their neighbours and local businesses. Implement storytelling techniques to create emotional connections with consumers. Sharing compelling narratives about the origins of local products, the individuals behind local businesses, and the communal benefits of supporting them can foster deeper consumer relationships and loyalty. This storytelling approach can build a sense of identity and pride in local o erings, ultimately driving more customers to community-focused shopping experiences.
Consumer Sentiment Trends - Illustrates how consumer attitudes toward local businesses have shifted over time. The results showing consumer preferences for local businesses before, during, and after recessions.
Consumer Sentiment Towards Local Businesses Over Time
75
70
65
60
55
50
45
40
2010
2012
2014
2016
2018
2020
2022
2024
Year
15
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