Why it’s so important to support local businesses in 2020 and into the New Year
Everyone has been impacted in 2020 in one way or another, and small and medium businesses are certainly no exception. Research conducted in March 2020 by YouGov and QuickBooks Australia found that 63% of small and medium businesses reported being negatively impacted by this year’s events, whilst 41% experienced a reduction in revenue of at least 50%.
Since this time, many small businesses have been forced to stop trading either temporarily or permanently due to government restrictions. Many businesses have also had to change the way in which they work, reduce the number of customers permitted into their venue, or suffer a reduction in customers due to the economic climate or domestic and international border closures.
Not all industries have been impacted equally; with the tourism industry amongst those affected the most. The worldwide tourism industry is vast, with travel and tourism contributing 9.25 trillion USD (approximately 13.08 trillion AUD) to the global economy in 2019. Furthermore, the 2019 global leisure travel spend was 4.715 billion USD (approximately 6.67 billion AUD).
In 2017, 109 million people were employed in travel and tourism globally – that’s 10% of employed people. That means that 1 in 10 employed people worked in the travel and tourism industry. It is estimated that 100.8 million of those workers are now out of work or on reduced hours.
In Australia, it is estimated that up to 133,200 tourism jobs have been impacted. This is not uniform across the country, with some regions relying on tourism to fuel their economy more than others. In Queensland alone, the tourism industry lost up to $5 billion in the second quarter of 2020.
With a lack of domestic visitors at present and the loss of international tourism for a while longer, it’s a fantastic time to support local businesses. Many businesses on the Sunshine Coast rely on visitors to generate an income, and now is the perfect opportunity for locals to ensure that their favourite local businesses thrive into 2021.
Many people overlook tourist activities in the place where they live, however they are missing out on some fantastic experiences. Enjoy your local businesses as they certainly will appreciate your support. Dining out, experiencing a local food tour, trying a new activity may not seem like a large contribution, however, the positive knock-on effect could be greater than you think.
Local businesses are gems of the Sunshine Coast, showcasing the region’s exquisite local produce, products and talent. It is often said that small businesses are the backbone of the economy, and many of the businesses would greatly appreciate your support.
Support your local businesses.