‘Shop local’ is everywhere these days, with good reason The Local Business Awards have just announced the winners for 2021 and even Google and American Express are supporting the cause; but why is it so important to support local businesses?
Local businesses create a more resilient local economy
Every £1 spent with a local business is worth £1.76 to the local economy, and only 36 pence if it is spent out of the local area. That makes £1 spent with local businesses worth almost 400 % more to the local economy.
Traditional economic development practice and developer-led regeneration are failing to address the economic challenges of our time.
Community wealth building is a new people-centred approach to local economic development, which redirects wealth back into the local economy, and places control and benefits into the hands of local people.
A 10% increase in the proportion of the council's annual procurement spent locally would mean £34 million extra circulating in the local economy each year.
Shopping local is eco-friendly
Reducing waste and product miles through localisation is arguably the number one choice we can all make to create a better future.
While buying locally is at the front of people’s minds, there is still more we can do. Consumers love the idea of knowing where their products are coming from and supporting local businesses so let’s celebrate this, shout about the great produce, products and services available on your doorstep.
Shopping your values
There is no greater power than a community discovering what it cares about.
So consider your values when you are spending money. Do you support organic, vegan, locally made, Fairtrade, cruelty free, ending modern slavery?
If enough of us support brands with these values, then other brands will be forced to follow suit to keep up with their customers.