It doesn’t just feel good to buy local – new research shows that there are demonstrable economic boosts for communities as a result. Time Magazine explains:
The New Economics Foundation, an independent economic think tank based in London, compared what happens when people buy produce at a supermarket vs. a local farmer’s market or community supported agriculture (CSA) program and found that twice the money stayed in the community when folks bought locally. “That means those purchases are twice as efficient in terms of keeping the local economy alive.”
– Time Magazine | Buying Local: How It Boosts the Economy
Other benefits of buying local mentioned in the Time article:
- Increased local employment
- Better products, as small shops are more capable to innovate in market niches
- More tight-knit community – buyers develop personal relationships with sellers
- Less distance to transport goods = less cost to environment
- Better odds that you know what you’re getting (vs. products made overseas that may not have the same level of quality control/scrutiny)
- Local/regional resilience (diversity of small businesses = more resilient economy than when majority of local jobs are in the same company or industry)
- Money circulates more quickly, benefiting more people (vs. big companies, which keep more profits locked away)
