Knoxville ranks 4th highest nationwide for local business support
A recent analysis of social media activity shows Knoxville residents are among the most vocal advocates for local businesses in the country.
OnDeck, a global online small business lender, looked at over 7.8 million geotagged Instagram posts from nearly 500 major U.S. cities to find out where people are most enthusiastic about shopping locally.
We’re happy to report that Knoxville made the cut! Knoxville’s tags translated to 42,119 #shoplocal or #shopsmall posts per 100,000 people. This is the 4th highest rate nationwide for local business support.
Why it matters economically
Research consistently shows that dollars spent at independent businesses recirculate within the local economy at a significantly higher rate than spending at national chains — approximately $68 per $100 at local businesses, compared to roughly $43 at large retailers.
With the average American spending an estimated $11,740 per year at independent businesses, the impact on an area’s economy can be substantial when those funds stay rooted.
When they do, it translates into tangible community outcomes: stronger tax bases, infrastructure investment, job creation, and quality-of-life improvements that in turn support broader economic development goals to attract and retain businesses and talent.
Though this study measures enthusiasm for local businesses and not direct spending, community advocacy is a meaningful leading indicator that leads to real behavioral change.
To learn more about the full study and its methodology, click here.
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