According to AMEX’s Economy of Shopping Small: Keeping it in the Community Report, a quarter of every dollar spent in Australia goes to a small business. And on average, 42 cents of each dollar spent at a small business is reinvested back into that local community - described by AMEX as the ‘Boomerang Dollar’.
“The ‘Boomerang Dollar’ effect shows that almost $38 billion is reinvested into our communities every year through local spending – that’s a huge amount that’s going back into business’ tills, workers’ pockets and towards worthy community causes. Shopping small can have an enormous effect,” said American Express’ Vice President for Small Merchants, Katrina Konstas.
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But despite the positive effect small businesses have on local communities, many Aussie shoppers still prefer their big brand stores, with only 29% of consumers claiming they had increased the number of times they bought from small businesses.
“What goes around comes around. Independent businesses have long been recognised as a source of employment and neighbourhood character, but the multiplier effect of choosing to spend money at small businesses is less well known,” she said.
American Express was also named credit card Provider of the Year by Mozo for its domination over our annual Experts Choice Awards, taking home 11 awards across Rewards, Retail Rewards, No Annual Fee and Balance Transfer categories.
Registration for AMEX’s Shop Small campaign is now open and runs through to the 30th of November, so get swiping and give back to the local businesses that help keep our communities afloat.
Want to own an American Express credit card? You can take a look at the current cards on offer here or find them in our credit card comparison tool.