Research indicates that the economic impact of buying local products goes beyond keeping money flowing in communities to improving the fate of the nation as a whole. In comparing the result of buying from supermarkets vs. buying locally, New Economics Foundation found that purchasing local products helps money to stay in the community twice more often. The results of domestic purchases hence serve to strengthen a community’s economic base among other benefits discussed below.
It is estimated that U.S transports and ships close to $2.2 trillion in product imported from more than 150 countries. International shipping and U.S transport results to 25% of CO2 emissions in many states. Additionally, U.S factories dispose three million tons of hazardous chemicals into water, land and air. Buying local will mean reduction in the transportation, energy emissions used in production process, as well as minimal congestion.
Employment and local prosperity
Local businesses can create jobs and provide better wages than what chains can offer. Additionally, investing the dollar close to home strengthens the community by supporting farmers as well as producers. It is estimated only 18 cents goes to the farmer out of every dollar hence buying directly from the locals will mean more cash for the farmers or producers.
Improvement in the economy
Buying local will result to flow of money in the community which keeps the economy growing. Locally businesses contribute to more significant shares or revenue in their different economies which enrich the community at large. It also fuels economic innovation with the increase in small businesses which results in a reduction of the prices in the long run. Further, the product-based competition facilitates diversity and high-quality products to meet the demands of local consumers. It’s, therefore, no doubt that buying local is the way to go economically, health-wise and environmentally.