Money injected in shops helps town
THE past two decades have seen sweeping changes take place in many Australian communities as shopping malls have displaced countless local shops, with devastating effects on many rural towns.
A contributing factor is that money spent in shopping malls usually goes outside the community and, in many cases, outside the country.
By contrast, money spent locally usually stays local. ‘Buy local first’ is essentially voting with your dollars for a healthy local economy, with many benefits for local people.
According to the Australian Bureau of Statistics, small businesses represent 96.5 per cent of private sector businesses in Queensland and account for more than 50 per cent of all private sector employment and create more than 50 per cent of new jobs. Small business is really important for our community.
Money spent at locally owned businesses circulates longer in the local economy, increasing the economic multiplier, instead of flying out of the region to distant shareholders.
Studies show that for each $100 spent in a local business, the local economy benefits by $60.
But if that $60 is again spent in the local economy, and so on, the cycle is perpetuated, so the economic benefits of that original $100 spend can be many times the original value.
Unlike their corporate rivals, local businesses have a vested interest in the community.
For them it’s a lifestyle choice to live in our region, to run a business here, to employ local people and to care about their community, which is all our community.
Local businesses keep our local economy thriving and they make our region more interesting.
When you shop local it’s a sound consumer choice – you are choosing to invest in the economic future of your community for you and your family.
Buy local and make your community grow.
Local businesses keep our local economy thriving and they make our region more interesting
— Somerset Business Alliance