In society today the allure of online shopping and the convenience of larger retail chains and corporations can make it challenging for small and local businesses to thrive.
However, the importance of spending local cannot be overstated when it comes to stimulating a local economy and fostering sustainable growth.
A recent report on spending trends in Australia, showed that Australians value local small businesses because they provide employment, boost the local economy and meet consumer demands for specific goods and services.
More than three-quarters of consumers (76 per cent) say they care about the longevity of small businesses in their local communities believing that local businesses make their communities more desirable, and almost half saying that small businesses define their community.
From a business perspective, investing in, and supporting local businesses, holds significant benefits for both the business and the local community.
The power of local support
When buyers choose to spend their money at local establishments, they contribute directly to the growth of their community’s economy.
Unlike purchases made at large chain stores, money spent locally tends to circulate within the community at a higher rate.
Local business owners often reinvest their earnings back into the area, be it through hiring more local employees, sourcing products and services from nearby suppliers, or participating in community development initiatives.
This creates a multiplier effect, generating a more robust economic foundation for the entire region.
Job creation and economic resilience
Local businesses are significant contributors to job creation, serving as the lifeblood of employment. When consumers spend locally, they enable these businesses to expand and, in turn, employ more people from the area. This not only lowers unemployment rates but also bolsters the skills and expertise within the local workforce.
Fostering a strong sense of community
Spending local goes beyond just supporting businesses; it fosters a sense of community and identity. Local enterprises are often deeply ingrained in the fabric of their neighbourhoods, actively engaging with residents and supporting local events and causes. By creating these collaborations, businesses create a strong sense of belonging and loyalty among customers, who, in turn, become strong advocates and repeat purchasers.
Spending locally can also have positive environmental implications. Supporting businesses that source their products and materials locally can reduce the carbon footprint associated with transportation and distribution.
Moreover, local businesses often employ greener practices and have a vested interest in preserving their surroundings since it directly affects their community and customer base. Spending locally helps to increase sustainability naturally.
Spending local is not just a slogan, it is a powerful means of driving economic growth and building prosperous communities here on the Redlands Coast. From job creation and economic resilience to a sense of belonging and unique offerings, local businesses play a vital role in shaping the identity and well-being of their regions.
As consumers, we have the power to support and grow our local economy and ensure a bright future ahead for the Redlands Coast, by choosing to spend local.