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Did You Know? OF
Shopping locally
not only means
getting to see the
same friendly faces
each time you patronize
a nearby business,
it also means keeping
money in your community.
A 2018 study from
American Express, the
company that founded Small Business Saturday (which
is celebrated the day after Black Friday), and the National
Federation of Independent Business found that roughly
two-thirds of every dollar spent at a small business ultimately
stays in the local community. That boils down to
67 cents out of every dollar. The American Independent
Business Alliance also references the “local multiplier” regarding
local spending. This occurs when people spend at
a locally owned and independent business instead of chain
stores or mega online retailers. Although the exact amount
of dollars recirculated by locally owned businesses varies
due to certain unique criteria, retail studies conducted by
Civic Economics has found a person’s dollars at these locally
owned businesses recirculate through the local economy
two to four times more than money spent at non-local
companies. This money helps generate more local wealth,
charitable contributions and jobs.
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