To recognize the contributions local businesses make to their communities and to B.C.’s economy, the B.C. government has proclaimed Dec. 2-8, 2019, as BC Buy Local Week.
Locally owned businesses, growers, manufacturers and service providers are key drivers of B.C.’s thriving economy. Figures from a recent LOCO BC Indie Impact Study show that for every $100 spent locally, up to $63 are recirculated in the community, creating 4.6 times the economic impact over any money spent at non-local businesses. The study also found that local restaurants recirculate 67.9% of all revenues locally compared to multinationals at 30.4%.
“When you shop local, you help advance the local economy and allow your community to thrive and benefit all British Columbians,” said Bruce Ralston, Minister of Jobs, Trade and Technology. “Local businesses are vital to our communities. Not only do they create good jobs, they also enhance the community by contributing to worthy causes.”
Local businesses help build connections within the community. “Over the years, we’ve had the privilege of building a great customer following, but more importantly, we’ve built relationships,” said Erin Sabiston, co-owner of Violette Boutique, a locally owned business in downtown Victoria. “Running this boutique is not just about business, it’s about the connections we’ve made in the community and the familiar faces that shop with us regularly.”
BC Buy Local Week provides the opportunity to show appreciation for B.C.’s entrepreneurs. This week, people are encouraged to make a pledge to visit local businesses and discover the products and services they have to offer. Your support will mean a great deal to small-business owners and the long-term benefits will help communities prosper.
“Buying local has many great benefits for consumers,” said Amy Robinson, executive director of LOCO BC. “Our study shows how it strengthens communities and the local economy. We need our local businesses, growers and manufacturers to thrive. For that, they need our full support all year-round.”
- Over 500,000 small businesses operate in B.C., employing more than one million people and accounting for 53% of the province’s private-sector employment.
- B.C. leads other provinces in gross domestic product (GDP) generated by small businesses, at 34% of overall provincial GDP.
- LOCO BC is a non-profit organization that raises awareness about the benefits of independent businesses.
- The LOCO BC Indie Impact Study Series was conducted in partnership with research firm Civic Economics.