Did you know that buying an item as simple as bread from a local business has 5 times the economic impact than bread from a multinational company? For every one of your dollars spent on bread, $0.59 is recirculated into the local economy if it is locally made bread bought from a local business, compared to only $0.12 recirculated from Canadian bread bought from a multinational company.
Bread is only one example–clearly, spending your money locally has a huge impact on our local economy and community. Therefore, we encourage you to join us in committing to make a shift towards spending your dollars at local businesses. A 10% shift from the majority of our community would have a huge impact on the local economy, but most importantly, by working to actively shift our spending to local businesses, we transform buying local into a habit of our daily lives.
Why is spending locally important and why is it beneficial to you?
When you choose to spend your money locally instead of at multinationals, local businesses have a much bigger impact on the local economy and community as a whole:
- Local businesses create 4.6 times more impact than multinationals by recirculating $63 of every $100 back into the local economy, compared to just $14 by multinationals
- Local businesses employ our community members, creating 4 out of 10 jobs
- Local businesses make 31% of their purchases from other local businesses, meaning they are less likely to face global supply chain shortage issues
- Local businesses create 8 times more jobs and revenue per square foot than multinationals
- Local businesses give 24 times more per dollar of revenue than multinationals, contributing to local causes, fundraisers, sports teams, and events