According to the 2012 survey by the Institute for Local Self-Reliance, when you choose to do business locally, you are indeed making an impact. And that impact is happening at its best in the communities like ours that have embraced Local First.
- 65% of respondents reported revenue growth in 2012, more than in 2011 or 2010.
- 68% of respondents thought awareness of the benefits of "going local" had increased in the previous year.
- 75% of respondents with an Local First or similar initiative in their community recognized benefit to their businesses.
- Independent businesses in communities with Local First iniatives and similarly-modeled grassroots groups reported an average revenue increase of 8.6%, compared to 3.4% among other independents.
Studies & Research on Local First
Numerous studies have been conducted in the past decade comparing the impact of locally owned businesses to non-local businesses. The study Local Works! Examining the Impact of Local Business on the West Michigan Economy says:
- a modest change in consumer behavior - a mere 10 percent shift in market share to independent businesses from chain stores - would result in 1,600 new jobs, $53 million in wages, and a $137 million economic impact to the area.