Buying local keeps more money circulating in the community between businesses, increases employment, strengthens the sustainability of the local economy, and increases our community resources. Business owners who live in the community are more likely to buy from the community, and more likely to give more to the community
Local businesses hire locally creating jobs and circulating wages
Local businesses give five times more per dollar of revenue to groups in the community
Local businesses typically buy marketing, accounting, legal, maintenance, and other services from other local businesses.
Local businesses contribute a greater share of their taxes to local services like roads, transit, parks, and community centres.
Local businesses often keep banking in local banks and credit unions that finance other local businesses and community groups.
And local businesses working with local producers, manufacturers, and distributors our reduce our footprint as we reduce the transportation impacts associated with global supply chains
What we know about buying local in British Columbia
A small change can have a big impact for our local economy. A one per cent increase in consumer spending in British Columbia creates 3100 jobs and 94 million in annual wages. In Canada, local businesses re-circulate 2.6 times more revenue back into the local economy than multinational chains do.
Locally owned businesses, locally made products, and locally green food contribute to creating sustainable health communities.
LOCO BC defines locally owned businesses as privately owned, employee owned, cooperative, or community service enterprises headquartered in British Columbia and where more than 50% of the owners reside in British Columbia, locally made products are wholly or largely manufactured in British Columbia, and locally grown as a food grown in British Columbia
Source: Why Buy Local BC Campaign- PDF
Why Buy Local BC
LOCO BC – http://locobc.com/about/
LOCO BC is a business alliance focused on growing sustainable local businesses and creating sustainable community economies in British Columbia. Our creative enterprise is to increase the share of spending of people, businesses, community enterprises, and health, education, and government administration institutions in our communities with our community businesses.
What we know about consumer purchasing interests and practices in Canada
A majority of Canadians have made an effort to buy local made-in-Canada products. Canadians have changed their everyday habits, integrating environmentally responsible practices into their lifestyles. They expect companies to do the same. Canadians are now taking control of corporate visibility, using the internet to research corporate practices.
60% of Canadians consider themselves ethical consumers. 75% say they would pay more for products or services from a socially responsible company. 33% have researched a company’s business, social, or environmental practices. 90% would stop buying products from a company if they learned it was using deceptive or irresponsible business practices.
47% of Canadians still seek stores in their local area despite the online shopping trend.
Locally owned businesses can directly re-circulate one third of their revenues in the community
50% of buyers search online prior to buying
75% of buyers say online ratings and reviews influence their buying decisions
Opinions posted online rank #2 behind personal recommendations as trusted sources
Internet retail sales are forecast to move from $5.4 billion in 2012 to $10 billion in 2020
Source: Business Development Bank of Canada – Entrepreneurs first
BDC is the only bank dedicated exclusively to entrepreneurs