It is estimated that more than 100,000 small businesses in the U.S. have permanently closed since the COVID-19 crisis began in March 2020. This is equivalent to 2% of all small businesses in the country.
Consumers should support these businesses because they are considered to be the backbone of the U.S. economy and are essential to the local economy. Small businesses pump more money back into the local economies compared to major retailers and national chains. They give their consumer more choices in terms of goods and services and add value to neighborhoods. Home values tend to go up in neighborhoods that have a thriving downtown with shops and stores.
There are many simple ways to support local small businesses. These include buying school supplies from a local store instead of buying them online and ordering food from a local café rather than a chain restaurant. If consumers cannot provide financial support, they can still support them with rave reviews on social media.