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How to Support the Local Economy during the Festive Season?

Published on Nov 3, 2020Updated on Oct 16, 2023

How to Support the Local Economy during the Festive Season?

“When you buy from a small business, an owner does a happy dance” goes the popular saying and this has never been more apt as it is today. The circumstances over the past couple of months have required businesses to temporarily shut down or pause operations, causing business owners to face losses. Different initiatives by the government have been planned and implemented to provide an impetus to businesses, but the success of these measures largely depends on the willingness of the customers to support these initiatives.

Why do Local Businesses Require our Support?

Local businesses are the backbone of our country. They create employment opportunities and give back many-times fold to the regions they belong to. It is the small business owners that have made you feel like a cherished customer over the years. They are the ones who know your entire family by name or offer you credit for old times’ sake. It is now time to pay them back when they need us the most. With the festive season around the corner, it's time to support small business persons to regain their footing and thus, indirectly help in boosting the local economy.

Must Read: Home Renovation Ideas to Light Up Home This Diwali

This is how you can do your bit to support vocal for local:

1. Invest Adequate Time in Research

While purchasing decorative products for Diwali, invest time in researching the origin of products. In addition to boosting the local economy, it will help in ensuring that small scale craftsmen and businesses do not lose out due to price wars by global marketing giants.

2. Transition to Online Shopping

Shopping is an integral part of kick-starting the preparations for any festival. Due to the pandemic, the dynamics of shopping might have changed but the enthusiasm has remained the same. To ensure the safety of buyers, a significant number of local retailers have made the evolution from sole brick and mortar operations to online stores. Educate yourself and your family members on how to evaluate products based on their price and other specifications before your Dhanteras and Diwali 2020 shopping.

3. Ensure Precautions while Shopping

As illustrated by statistics conducted over 30 days, across different cities, with the intention of studying the consumer buying pattern this festive season, approximately 41 percent of customers chose to opt for online shopping only 16 percent of customers preferred visiting physical stores to complete their shopping. However, since some services are best availed offline, ensure that you exercise utmost caution while stepping outside. Patronize stores that insist on temperature checks, maintaining social distancing and hand sanitization. You can also order from these stores from the comfort of your home using delivery apps.

4. Help Promote a Business Online

If you are a small business owner, consider entering into collaboration deals that will enable all the parties involved to promote their goods and services. Are you a marketing professional? Offer your assistance to a business to help them design a website/page to help them sell or market their services online. Engage with local businesses and keep a track of attractive deals and offers that can help you obtain products at value for money prices.

5. Encourage Online Services Provided by Small Businesses

Encourage small businesses to continue provisioning their services online. Select services like yoga, personal fitness training, music lessons, art classes can be continued online. The reassurance that one is safe while continuing their daily activities can be extremely reassuring this festive season.

6. Gift Vouchers

Consider gifting friends and family gift vouchers from local stores so that they can use it to purchase things that they would have never bought for themselves.

Opt for a Personal Loan

If cost is what is making you reconsider a big-ticket purchase, do not think ahead. Loan providers have your back and extend finances in the form of instant personal loans to facilitate big purchases without straining your finances. Lending institutions have not laid down restrictions on the purpose for which one can borrow a personal loan as long as it is not for an illegitimate purpose. Support the economy and enjoy your purchase without stressing too much about finances!

Apply for a Personal Loan in a Few Minutes!

At SMFG India Credit, we have simplified the process of applying for a personal loan to make sure that you can get the required funds without any difficulty and from the comfort of your home. All you need to do is click on the “Apply Now” button, fill in the required details and upload scanned copies of the required personal documents that include:

  • PAN Card
  • Bank statements of the past 6 months
  • Documents to prove your permanent residence
  • A copy of Income tax returns and business existence proof for self-employed professionals. If you are salaried, you will need to submit the appointment letter as proof of employment
  • Income proofs that include balance sheets in case of self-employed professionals and previous 3 months’ salary slips in case of salaried professionals.

Evaluate your requirements in detail and make sure to honor your payments on time to avoid an adverse effect on your credit score. Do your bit in turning around your local economy. Happy shopping!

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