Paul Martin's Business Update - October 24th

Paul Martin's Business Update - October 24th

Supporting the local business. It’s an age-old tradition in this part of the world – a province where community and helping the neighbor made it possible for many of the earliest settlers to actually survive in Saskatchewan.

And it is a tradition that has not gone away, according to a new report issued by BDC, the Business Development Bank of Canada.

The report was released this week to mark Small Business Week in Canada and was detailed by the bank’s Chief Economist Pierre Cleroux at a luncheon in Prince Albert yesterday. Buying local tops five consumer trends that businesses need to understand in today’s commercial world. The study showed that an amazing 97 per cent of those who buy local do it to support their local businesses or farmers.

The other major trends include the push towards a healthier lifestyle by consumers. Customization – being able to tailor products to consumers – captured buyers’ attention as did the internet and on-line purchases. The last big one was that frugal is in. People pinched their pennies after the recession and, apparently, it’s a habit that has stuck.

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