A Vast Majority `Agree' that Small Businesses Play a Vital Role in the Canadian Economy (94%) and are Vital Job Creators (88%)

Toronto, ON - Nearly all (94%) Canadians `agree' (40% strongly/54% somewhat) that Canadian small businesses play a vital role in the Canadian economy. Less than one in ten (6%) `disagree' (1% strongly/6% somewhat) that these types of businesses are vital to the national economy. One main reason that small businesses are vital to the Canadian economy is that they create a substantial portion of the country's workforce. Just under nine in ten (88%) `agree' (33% strongly/55% somewhat) that small businesses are vital job creators. Only one in ten (12%) `disagree' (1% strongly/11% somewhat) with this statement.

Many Canadians views these businesses in such high esteem and importance that they are often willing to pay more to support them over larger corporations. Six in ten (61%) `agree' (13% strongly/48% somewhat) that `they would pay more for a product or service in order to support a small business in their community', while four in ten (39%) `disagree' (7% strongly/32% somewhat) and say they would not pay more. Three-quarters (78%) `agree' (23% strongly/55% somewhat) that `if given the opportunity, they would purchase from a small business instead of a big-box store'. Under one-quarter (22%), however, `disagree' that they would choose a small business over a bigger store for their purchase, if given the chance.

For many, small businesses aren't just vital to the national economy and job creation, but to local communities as well. Eight in ten (79%) `agree' (24% strongly/55% somewhat) that `small businesses are the lifeblood of their community', while two in ten (21%) `disagree' (2% strongly/19% somewhat) with this sentiment. To keep this lifeblood thriving, many Canadians do all they can to show their support. Eight in ten (83%) Canadians `agree' (24% strongly/59% somewhat) that `they support small businesses in their community by doing business with them or promoting them'. Under two in ten (18%) `disagree' that they provide this form of support for small businesses in their community.

Often times, a majority of Canadians have no problem supporting and promoting small businesses. But if box-store chains can offer more selection at lower prices, why choose to support small business? The following are reasons Canadians provided as to why they support small businesses in their communities:

• They like to support companies and owners who live and work in their community (72%)
• They like the personalized service from small businesses (67%)
• They're proud to support Canadian companies (56%)
• Small businesses do not get enough support from Canadians (45%)
• They feel that a small business' success is Canada's success (43%)
• Small businesses are a dying breed so I like to support them (37%)
• Other (4%)

Of those that do support small businesses, many factors come into play in deciding which businesses to support. Small businesses often do not have the resources to compete with the box-store chains, so their support comes from other avenues. The following factors help aid in this decision:

• Word of mouth (i.e. referrals from a friend) - 73%
• Location of the business - 68%
• Visibility in the community - 51%
• The small business owner - 48%
• Online presence - 13%
• Contact through social media like Facebook or Twitter - 7%
• Other - 7%

These are some of the findings of an Ipsos Reid poll conducted between May 10th and May 15th, 2012,on behalf of RBC. For this survey a sample of 1,010 Canadians from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Sean Simpson
Associate Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]

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