Supporting Local Businesses Yields Economic Benefits and Savings
As Small Business Saturday approaches, communities across the country are gearing up to support their local businesses. Beyond the feel-good aspect of shopping local, research reveals that spending money in neighborhood stores can also lead to long-term savings. In this article, we explore the economic advantages of shopping local and how it can help consumers save money.
The Power of Connection and Community
Jaclyn Rutigliano, owner of Hometown Flower Co. in Huntington Village, New York, knows the value of shopping local firsthand. Starting as Long Island’s first flower truck, Rutigliano’s dream of opening a floral design studio on Main Street became a reality. For her, Small Business Saturday is not just about sales; it’s about connecting with customers on a personal level. “Come hang out, maybe we will know your name. But you don’t get that connection just online,” Rutigliano emphasizes.
Prioritizing Neighborhood Stores
According to research conducted by financial services company IPX 1031, Americans are expected to prioritize their neighborhood stores this holiday season, with 60% in favor of shopping local. This support is crucial for local businesses, as the same research reveals that 44% of small business owners depend on holiday season sales to sustain their operations throughout the year. The impact of this support goes beyond the holiday season, as it helps small businesses weather the traditionally slower months of January and February.
Economic Benefits of Shopping Local
In addition to fostering a sense of community, shopping local also yields economic benefits. The Huntington Chamber of Commerce highlights that spending $100 at a local business generates $70 in economic activity. In contrast, big box retail stores typically only contribute around half of that amount. Furthermore, many local businesses offer sales and promotions during the holiday season, providing an opportunity for consumers to save even more. Leanne Gelish, Director of Operations at the Huntington Chamber of Commerce, explains, “Seventy percent of what you spend locally goes right back into your economy, and you get that back in ten-folds… Comes back to you in your taxes and other ways.”
Supporting Local Businesses and Families
Shopping local not only benefits the local economy but also supports the livelihoods of individuals and families within the community. Rutigliano emphasizes that without local support, small business owners like herself would struggle to provide for their families. By choosing to shop local, consumers contribute to the success and sustainability of these businesses, ensuring that they can continue to thrive and support the local community.
Conclusion: Small Business Saturday serves as a reminder of the importance of supporting local businesses. Beyond the warm and fuzzy feeling of shopping local, it is evident that spending money in neighborhood stores has tangible economic benefits. From generating economic activity to saving money through local promotions, the impact of shopping local extends far beyond a single transaction. By choosing to shop local, consumers not only contribute to the growth and prosperity of their communities but also create a path towards long-term savings. As the holiday season approaches, let us remember the power of our purchasing decisions and the positive impact they can have on our local economies and the lives of those who depend on them.
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