The five Ws of buying local, Part 1: A Blog by Peter Korchnak
This commentary can be found originally at: Sustainable Marketing Blog by Peter Korchnak. Better triple bottom line.
Oct 5, 2009 11:10 AM ET
The five Ws of buying local, Part 1
In their last Business News update, Rivermark Community Credit Union encourages me to consider how my purchases support local businesses and to buy local. Of course, buying local features prominently in sustainable marketing, so my credit union calling to buy local got me thinking. Why is buying local good? Just what is local? Are there any rules to buying local? I decided to take a closer look.
(As with everything, buying local can be argued both ways, and while I lean strongly in favor of buying local, I can’t overlook its shortcomings. Hence 5W+1H over two posts.)
WHY buy local?There are essentially three arguments for buying local. First, buying local means more money stays and circulates in your community, supporting jobs and tax revenue. According to one Oregon economist, a “dollar spent at a locally owned store is usually spent 6 to 15 times before it leaves the community. From $1, you create $5 to $14 in value within that community. Spend $1 at a national chain store, and 80% leaves town immediately.” I’ve seen variations of these statements circulating in my community.
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