The Economic Impact of Local Businesses
This 2019 research found that independent businesses recirculate up to 4.6 times more revenue than multinationals, keeping up to 63% of revenue in B.C. compared to 14% with multinationals. Independent businesses produce up to 8.4 times more jobs/ft2 & up to 8.1 times more revenue/ft2 than multinationals, and they spend up to 31.4% of their revenue on B.C. products & services from B.C.-based businesses. Independent businesses donate up to 24 times more per dollar of revenue to local charities than multinationals. Based on these results, a 10% shift in B.C. consumer spending towards independent businesses would create 14,150 jobs & keep $4.3 billion in the B.C. economy.
The Impact of Online Shopping on Local Business
2015 research by LOCO BC highlights the increase in consumer shopping done online, how BC businesses are competing online, and what motivates online shoppers. Online shopping will grow to 10% of all Canadian consumer purchases by 2019. Purchasing with local businesses supports a strong local economy, and yet only 1/3 of online sales go to Canadian businesses. And the more shopping consumers do online, the more likely they are to buy from big chains rather than local businesses. Consumers report that they value Canadian ownership and look for locally made products online, but most businesses report that they don’t market themselves online. Download the report now. Check out our blog post for some of the highlights.
The Power of Purchasing: The Economic Impacts of Local Procurement
2013 study by LOCO BC, the Columbia Institute, and ISIS at the Sauder School of Business evaluates the impact of purchasing from local suppliers. Using B.C. office supply Mills Basics to make the case, the study shows that local purchasing re-circulates 33% of revenues directly to residents and businesses in B.C. compared to 17% and 19% for multinationals. This presents a 77%-100% economic advantage for B.C. from buying local, and an 80%-100% increase in jobs per million dollars spent. Download the report now. Check out our blog post for some of the highlights.
Buying Local: Tools for Forward-Thinking Institutions
2013 companion report to The Power of Purchasing, outlines the many ways that organizations can benefit themselves, as well as the economies that sustain them, by making minor adjustments to the way that they purchase goods and services. Buying Local: Tools for Forward-Thinking Institutions outlines strategies and paths that policy-makers, sustainability managers, procurement professionals, and others involved in institutional purchasing decisions can pursue to realize this potential. Download the report now. Check out our blog post for some of the highlights.
Independent BC: Small Business & The British Columbia Economy
2013 Civic Economics study on Canadian market share of independent and chain business and calculates the economic impacts of locally owned business compared to their major North American chain competitors. LOCO collaborated on distributing the independent business data collection survey to businesses across B.C. Download the report now. Check out our blog post for some of the highlights.