Cash Mobs: Collective On-the-Spot Buying Revives Local Businesses
In most areas of the country, small, locally owned retail businesses are the lifeblood of local economies, but the rising costs of doing business often means they cannot compete with the lower prices of big-box retail giants that negotiate in volume. For several years, the growth and frequency of cash mobs have been breathing new life into struggling mom-and-pop businesses. Like a flash mob performing a dance or social protest, a cash mob gathers people together to have a tremendously positive effect on hometown businesses that may have served them and their families for decades.
Most cash mobs agree to meet on a particular day, with each participant committing to spend a specified amount, typically $20 or more. The benefits for local businesses far exceed a one-day influx of cash—new customers are found, previous customers become active ones again and a new appreciation for businesses that fuel a local economy is realized.
Participants can also have a little fun while further benefiting their communities as many cash mobs gather with old friends and new after a shopping frenzy at a local establishment for food and drinks.