The Dollars & Sense of Shopping Local
The other night I made a purchase on Amazon, and at checkout I learned that for an extra charge of $2.99, the item could have been delivered to my doorstep between 4 and 11 AM the next morning. I’m all for buying local, but this kind of convenience is hard to ignore.
Every day we have to decide whether to spend our dollars online, at national chains, or in locally-owned businesses. Cost and convenience usually determine which way we go. The dilemma for me has always been whether to do what’s better for my community or what’s better for my pocketbook.
But is it better for my pocketbook to buy from global retailers and big box stores? I have a background in finance and a natural interest in economics, so I decided to research the real dollars and cents. Here’s what I learned:
For every dollar we spend in local businesses, almost 70% stays in the community. For every dollar we spend in big box stores, only 45% stays local.
60% of employees in local businesses are very committed to the business they work in, compared to 39% of employees who report feeling committed to their big box employers. Employee loyalty means better customer service and shopping experiences.
The US transports $2.2 trillion worth of products every year, which burns 1.1 billion gallons of fuel and creates a billion tons of carbon dioxide. Buying local reduces all that processing, packaging and transportation waste.
Successful small businesses make more money, more money equals more jobs, and more job opportunities guard against the high social costs of unemployment, like poverty, homelessness and crime.
Local business ownership means our neighbors are the ones making business decisions. They’re more likely to think about how their choices will impact the entire community instead of thinking solely about making money.
If every family in the US spent an additional $10 a month in local shops, an extra $9.3 billion would come back to local economies.
Carrie Rowland is an Accredited Buyer’s Representative,® Certified Probate Real Estate Specialist,® Military Relocation Professional,® Graduate of the Realtor Institute® and a Realtor-Associate at RE/MAX Alliance Group in South Tampa
