Baylake Bank eNews. Member FDIC
Does buying locally really make a difference?

shopping locally imageWhile it is advisable to comparison shop to find the best prices when you are shopping, it’s also important to remember that buying locally really does make a difference in the local economy. By supporting local retailers and other businesses, your hard earned cash is much more likely to benefit your friends, neighbors, and family.

As stated in a June, 2009, Time Magazine article titled Buying Local: How it Boosts the Economy, “At the most basic level, when you buy local, more money stays in the community … Money is like blood. It needs to keep moving around to keep the economy going. When money is spent elsewhere … it flows out, like a wound.” What about the sometimes higher cost of buying local goods? “The difference falls away once you consider the increase in local employment as well as the relationships that grow when people buy from people they know.” This doesn’t even include the fact that buying locally means lower transportation, and therefore environmental, costs. Additionally, local businesses very often provide more service and support than larger companies.

Here are five reasons why it makes sense to buy local*:

  1. It’s Green-FriendlyShopping locally reduces your gas consumption and pollution. Plus, local stores help sustain vibrant, pedestrian-friendly communities, reducing sprawl and the need for automobiles.
     
  2. Keeping Local Dollars in the EconomyA 1% increase in spending would lead to a total of $3.9 million in industry sales, 56 jobs, and $2.3 million in new personal income.
     
  3. Local Character and Prosperity – In an increasingly homogenized world, communities that preserve their one-of-a-kind businesses and distinctive character have an advantage in offering quality of life and unique experiences.
     
  4. Friends and Neighbors Provide Better Service – Local businesses are staffed by local residents, friends, and neighbors. You get better service from people you know and who know you.
     
  5. Convenience Equals SavingsShopping locally saves you time and money. A shopping trip out of town costs you for every mile you drive, each way, and valuable time away from home or work. Stay local and pocket the savings so you can treat your family to a night on the town (at a restaurant that serves local produce and ag products!).

Baylake Bank encourages you to BUY LOCAL for your holiday shopping, and all year through!

*Source: Rob Burke, Door County UW-Extension

 

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