This may not be a big thing in Singapore yet, but it is slowly and surely seeping into our culture – supporting local businesses and all things local. Across the globe, consumers are increasingly making a conscious choice to support businesses within their community. Why?
There are many reasons why people are starting to support local businesses. From being able to know and see where their food and/or products come from, to giving back to the community and even boosting their local economies, shopping at local businesses sure have many advantages.
KNOWLEDGE IS POWER
Making purchases from local businesses means you know where everything comes from. You know where your food comes from, you know what goes into making that toy you are buying for your kid, and you know that workers are not made into slaves to produce that shirt you are wearing (sadly, this is still true in some parts of the world).
Many local businesses incorporate integral values they believe in, into their operations and product offerings. Values such as fair-trade, being environmentally-friendly, and supporting various social causes are imbued into the company culture. Supporting them allows you to choose and directly contribute to the values with which you believe in.
GIVING AND GETTING BACK
One of the main reasons consumers today choose to support their very own local businesses is the knowledge that they will be giving back to their community. Apart from local businesses giving back to the community, you, being part of the community will reap the many rewards of supporting local businesses too!
Your local businesses are what they blatantly say they are – local. That means they work hard to produce high-quality products for their customers within their very own community, they give more jobs to the locals, and they typically give back more to the community.
Research has shown that for every $1 spent on local businesses, at least 45¢ is reinvested locally. Making purchases at online businesses or big conglomerates keep at most 15¢ in your local community. Just by shifting a portion of your spending from international chains to locally-owned and operated businesses can have a substantial effect on your local economy.
FEEL GOOD FACTOR
Local businesses respect, appreciate and value your patronage, and would go the extra mile to work harder to not only keep your repeated business, but also to improve on the quality of their offerings. Compare that with international chains that mass-produce without improving or caring whether you like what they sell or not.
Purchasing from and support local businesses can also build a close-knit community. It encourages consumers to know their roots. This can also cultivate a sense of pride within the community, all of which are good values to inculcate into our younger generation.
Let’s also not forget the best part of supporting local businesses – affordable prices!
International chains generally inflate their prices many folds of their original prices. Who do you think pays for their huge operational costs, big factory rentals and manufacturing machines? Not forgetting their shipping and handling costs, and expensive advertising budgets? You do, of course!
By sourcing and operating locally, local businesses are able to cut off the middlemen and excess costs, keeping their prices low for you.