Local businesses enhance our community, connect and support us socially, and enhance wealth and employment by circulating dollars many times between businesses.
Research shows that BC local businesses create more than double the economic impact of their chain competitors. For every $100 spent with a BC local business, $63 is re-circulated back into our BC economy (vs $14 for multinational corporations). They re-circulate 4.6 times more revenue in the local economy:
- Local retailers re-circulate 63% compared to 14% for chains
- Local restaurants re-circulate 68% compared to 30% for chains
- Local suppliers (e.g. office supplies) re-circulate 33% compared to 19% for chains
This is because locally owned businesses circulate more dollars in the community compared to multinational organizations. How? Local businesses:
- Have owners who live and provide jobs in your community
- Provide more support for local events, sports teams and charities
- Are more likely to buy local services and stock local products
Spending with a local business has ripple effects that contribute to the growth and health of the communities in our province. Find all our research on LOCO BC’s resources page.