Could your town use a few extra million circulating amongst the residents and businesses? Some of that hard earned money that you use to buy groceries or office supplies or a nice dinner out could make your community more vibrant and your local economy more profitable. The classic Andersonville Study of Retail Economics
- For every $100 in consumer spending with a local firm, $68 remains in the Chicago economy.
- For every $100 in consumer spending with a chain firm, $43 remains in the Chicago economy.
Why give away 25 cents from every dollar we spend, when recirculating that money helps our local communities thrive?
In a recent Civic Economics Salt Lake Study showed an even greater spread between buying local or buying from a national chain. Less than $14 dollars from $100 spent at national chains recirculated in the local economy whereas $52 of every $100 spent with local retailer recirculated locally.
If you buy locally, that money you spend can in turn be used by those grocers and retailers and restaurateurs to buy their kids dance lessons (locally) and they could buy their new carpeting (locally) – you see how this works. Just like the old Breck commercial (you gotta love the low res image on this 80 commercial – it’s like watching a TV covered in Vasoline!)
Don’t ship your money out of the country or even out of the zip code. Join with Local First Chicago and Chicago Alderman Osterman who led the passing of the “Eat, Drink and Buy Local 365” resolution and pledge to move just a dollar a day to a local retailers. Just a dollar a day could have a $100 million positive impact on Chicago’s local economy. And who couldn’t use an extra $100 mil?