Reason #1: You kept your money in our economy.
The power of a well-spent dollar is really quite astonishing. When that dollar is spent locally, it has the power to boost our economy, to create jobs, and even to give to those in need. How does one little dollar accomplish all of that? Because the storefront where you just spend your money is the beginning of a series of interconnected relationships that link local businesses to one another. It’s true that no man is an island, and no business is either.
Amplify that dollar one hundred fold, and the real power of buying locally is evident. For every $100 spent in a locally owned store, $52 is re-circulated into our Utah economy. Compared to the $13.60 that stays in Utah when $100 is spent in a national retailer, it’s clear that a well-spent $100 can pack quite a punch.
It’s not only that $52 stays in Utah. It’s the manner in which that money is put to work that makes such an impact. About $27 stays in the form of profit and labor. That’s money that creates and sustains jobs. Furthermore, locals are more likely to do business with other locals. Enough business that about $17 stays in our economy when local business owners decide to procure items from other locals for retail sale. Locals are also more likely to employ other locals for business related services like web design, accounting or custodial work. About $4 goes towards the procurement of goods and services that are not for retail sale. Finally, locals care about their community, and they show it. For every $100 spent in a locally owned business, about $3 is donated to charity.
Equipped with this information, consider the impact your holiday shopping could have. Take a look at the Shift Your Spending Calculator to find out the difference that a simple shift in spending habits could have on your community.
If you’re the kind of person who likes your data delivered via charts and graphs, make sure to check out the 2012 Salt Lake City Indie Impact Study.
“Ten Reasons to Buy Locally” is a photo narrative in the Risk Takers & Place Makers show on display now through the end of the year at the Salt Lake City & County Building. Don’t miss it!