Five Benefits of Buying Locally
Throughout Colorado and the United States, there has been an ongoing economic movement away from corporate channels of distribution, and towards local businesses; as a result, the small, locally owned business is experiencing a sort of 21st Century renaissance. By operating on economies of scale, corporations are able to offer lower prices, but in a city such as Boulder, where household income is well above the national average, the benefits of buying locally vastly outweigh the comparatively minimal price differences. Here are five important benefits of buying locally:
- Economic Stability
By buying locally, the customer is also investing locally; in a local economy, the jobs that are supplied in order to meet the community’s demand stay within the community, instead of being exported to wherever a corporation’s national headquarters may be. Buying locally ensures a more stable flow of local job creation, which results in a more stable local economy.
- Community Reinvestment
When money is spent at a local business, it is more likely to be reinvested back into the community; local businesses are more likely to do business with local suppliers, and local businesses pay a greater portion of their taxes as local taxes. Furthermore, when all of the employees of a business live locally, the profits of these employees will be spent locally; on the contrary, for national corporations, once the money has been spent at a business, much of it leaves the community via franchising fees and federal corporate taxes.
- Community Involvement
Local businesses, inevitably, are a reflection of the people of the community, and the community’s values. Local businesses are more likely to invest their profits in local charities, and other non-profit ventures that seek to better the community. Success as a local business is dependent on the ability to reach out to, identify with, and satisfy the needs of the local population; these businesses are aware of such a fact, which is why bettering the community is often more important than the business’ bottom-line.
- Environmental Sustainability
By buying locally, the Earth will thank you. Though globalization has its benefits—such as the redistribution of capital to the developing world—the industrialized consumption that has resulted in the developed world has certainly taken a toll on the planet. The sheer amount of energy that is required to ship goods across seas, across continents, and to their final destination is astounding; in the long-run, through localized economies, it is simply more sustainable to demand products that were produced and distributed from a nearby source.
- Product Quality
Local businesses have a unique competitive advantage over national corporations; by trying to meet the demands of the community, rather than the entire country, these businesses can supply exactly what the people demand. The products offered by local businesses are uniquely adaptable to the lifestyles, cultures, and needs of the local community, and as a result, these products are more satisfying, and higher quality.
The evidence above confirms what many of the people in Boulder already know: it makes sense to buy locally.