The “shop small” and “buy local” movements have gained tremendous momentum in recent years. And it’s no surprise that research is showing that small and locally owned businesses do contribute to building stronger communities that are healthier economically for everyone. Here are five reasons to shop local:
It Helps Create Prosperity for All
When local businesses are thriving, everyone in the community wins! A strong local and state economy helps to safeguard everyone against economic downturns. Plus, when there’s more opportunity for growth in the local economy, more job options become available for everyone.
It Keeps More Money in the Local Economy
Research has shown that as much as four times more dollars remain in the local economy when the same money stays with locally-owned businesses instead of box-stores and national chains.
You can Save Money When You Shop Locally
It is a myth that local businesses cost more to do business with because this is very often not true. Products and services purchased from locally-owned businesses are often very competitive – if not less expensive than national alternatives. So be sure to check out your options before you buy from a chain to make sure you’re getting the best value!
Local Businesses Support the Community
The Insitute for Local Self-Reliance has found that national chains give less back to our community than locally owned businesses. When you shop locally, more than 50% of the money stays in the area economy, compared to only 15-30% when goods and services are purchased from non-local businesses and corporations.
It Diversifies the Economy Overall
A diverse local business ecosystem helps to create competitiveness and resilience when compared to communities that primarily depend upon more limited national chains. Local competition helps to keep prices lower overall, while also encouraging businesses to think in the best interest of the consumer.