We at LoveLiveLocal are not shy about encouraging people to shop locally; we have even asked locals to take a pledge to only shop at Cape Cod-owned businesses for holiday gifts. So, we felt we needed to delve deeper into why this is so important to the economic health of our community.
We enlisted the help of local illustrator Vinnie Arnone to create an infographic specific to the Cape that shows the local impact of shopping locally, at national chains, and online.
Based on studies implemented by economic analysts at Civic Economics, we were able to come up with averages for how much of each dollar spent stays on this side of the bridge, depending on where you shop.
When shopping online, zero (nothing, nada, the big goose egg) of your dollars spent stays on Cape Cod. When you press the submit button on an online purchase, that money goes directly to the owner of that website – most likely a large corporation.
When you shop at a national retailer or dine at a chain restaurant, approximately .24 cents of every dollar stays here on Cape Cod – generally in the form of wages to low-paid workers.
However, when you shop at a locally owned Cape Cod business, approximately .57 cents of every dollar spent stays here on Cape Cod. It is reinvested in this community over and over again – spent on wages, using local services, buying local goods, and supporting local nonprofits and community organizations.
What does this mean in terms of real dollars spent? If every adult consumer on Cape Cod spent $50 of their disposable income at a local business instead of – not in addition to – an online or national chain, it would generate $4 million more for the Cape Cod economy.
Imagine what a difference that could make to our entire community…Shop Local. It Matters!