UK consumers supporting small businesses despite rising prices
22 Jul 2022
Over three quarters of UK consumers are still shopping with small businesses despite the cost-of-living price rises, according to research conducted by price comparison site GoCompare.
Two thirds of consumers said that the cost-of-living increase has had no impact on their decision of whether to shop at smaller, independent businesses.
Although 33% admitted it had changed their view, over a quarter of those said they were now shopping with small businesses more often to support them with rising costs.
Martin McTague, National Chair at the Federation of Small Businesses (FSB), commented: 'Rising operating costs are eroding small business margins in a way that many have never experienced before. Unlike big corporates, small firms don't usually have the leverage to negotiate the best deals on utilities, which are the primary driver of higher outgoings for many.
'Small firms find it hard to pass on higher costs to customers in the form of higher prices, fearing that doing so would add extra burden to consumers under the current cost-of-living crisis, but more and more are being left with no choice.'