Inflation is a huge problem in today’s society.
While some big brands may not be as affected by inflation, smaller local businesses are as they don’t have the same advantages that big brands do. This puts them in a more vulnerable position when facing increased expenses, such as higher prices from suppliers.
In Cottingham, a village boasting around 70 shops and businesses, the effects of inflation can be deeply felt as many small businesses are closely tied to the livelihoods of their owners. The owner of Cottingham Flooring (Nick Hocking) explained that due to inflation, he had to adjust his prices, mirroring heightened expenses from his carpet suppliers. He explained that such price adjustments might discourage customers, emphasising the need for community support when it comes to small businesses especially when they rely on locals to make a living.
Supporting local businesses is crucial for many different reasons, money spent at local businesses circulates within the community, benefiting other businesses and services. This creates a positive economic cycle, enhancing the overall financial health of the community.
Moreover, local businesses often prioritise sustainability and have a smaller environmental impact. They may source products locally, reducing transportation-related emissions.
Therefore, by consciously selecting local goods and services, you play a vital role in the stability of small businesses. In summary, the multifaceted nature of inflation makes it a formidable challenge in today’s society, so by making the decision to support local, small businesses can continue to make a living under these difficult circumstances.
