American Express is introducing its global Shop Small initiative in New Zealand to support small businesses.
New Small Business Recovery research by American Express reveals that around half (48%) of New Zealand small business operators say their customers have played a critical role in supporting them during the pandemic.
However only around one in five (19%) feel that their wider local community has rallied around them, suggesting that locals need to shop beyond their regular stores and rally together to do more for small businesses.
The research examines the impact of Covid-19 on New Zealand’s small businesses and the measures that can best support them in rebuilding.
It also revealed that four in five businesses for whom the pandemic has had a negative impact, have experienced revenue losses. Around one-third (32%) need consumer spending to lift within the next month or two just to stay afloat throughout 2021.
“Incredibly challenging times” for small businesses
Rob Bourne, Country Manager for New Zealand at American Express, said:
“This year has been incredibly challenging for many small businesses. More than ever, we need to show our support, which is why American Express is bringing Shop Small to New Zealand for the first time. Shop Small celebrates the valuable contributions small businesses make to their communities and the economy and reminds people of the importance of spending with them.
“In times like these, it’s not enough to simply fall back into regular shopping habits. Small businesses are crying out for support, so it’s critical that shoppers look for any opportunity to shop somewhere new. Every dollar counts when you’re a small business, especially when for almost two-thirds of them (64%) revenue is down on average around half (49%) compared to the same time last year.”
Bourne also said that small businesses are often the ones to go above and beyond for their local communities, and that local sporting clubs, schools and community groups have long benefited from this generosity, so it’s time that the favour was returned.
“The resilient Kiwi spirit is alive and kicking”
During Shop Small, American Express is funding a Card Member offer to drive more spending into small businesses.
American Express Card Members who save the offer to their Card and spend $10 or more in-store at participating small businesses in New Zealand by 31/12/2020, will receive $5 back – up to 10 times.
The offer is limited to the first 40,000 cards to save the offer.
Despite the challenging times, the research released by American Express shows that around half (51%) of small business owners feel more determined than ever to succeed and over one-third (37%) are doing whatever they can to survive.
“Our research has shown that the resilient Kiwi spirit is alive and kicking and we will continue to look at what we can do to keep the fire burning. Now is the time for Kiwis to explore their local community more, see what else is out there for them and to support small businesses.”
American Express encourages all New Zealanders to support the movement and ‘Shop Small’ by placing a focus on where they shop.