November 16, 2020Why Shopping Local Matters

We know that COVID-19 has had an impact on our economy. When we use the word “economy,” we often think about how the national economy is affected. But what affects us the most are the impacts on our local economies and communities.  

As a credit union that supports local economies, we understand how economic downturns affect each of our member’s financial lives. We know that the mom-and-pop pizzerias and bakeries are more real to you than the market value of the good because you can smell and taste the care that goes into each batch. We understand how brilliant the colors are at the farmer’s market you stroll through each weekend because of the creativity and dedication of the vendors you buy from.  

These are the things we see, touch, taste, and feel in our daily lives, and the businesses that offer them need our support. Here are some more reasons you should shop local: 

1. You Establish Real Relationships. There is a saying that a neighbor that is close by is better than a brother who is far away. By shopping local, you not only get goods and services, but you take part in an exchange of ideas, security, and trust that draw communities closer. Being able to talk with a business owner face-to-face about their vision may lead to a lasting friendship. 
   
2. You Help Build Your Community. Spending locally instead of buying online ensures that your sales taxes are reinvested in your community where they belong. These taxes may lead to better schools, city services, infrastructure, and more.
3. You Are Literally Being a Good Neighbor. Many of your local business owners live in the communities that they offer goods and services too. When they do well financially, the entire community eventually does well.
4. You Support Green Initiatives. Shopping locally, especially with restaurants, can help the environment because the raw material used to make products are often sourced locally. This means less fuel and resources needed for long hauls, mass production, and packaging.
5. You Eat Healthier. Buying from farmer markets or supporting restaurants that use locally raised food can encourage the demand for organic, natural, and non-GMO foods. It is well-known that eating natural food with fewer additives (pesticides, hormones, preservatives, etc.) is better for your health.
6. You Help Employ Others. It’s Capitalism 101. The more people frequent local businesses, the higher the demand for goods and services gets. This means that more employees will be needed to help meet customers’ needs. The employees that your local businesses hire live in your community as well. Eventually, higher employment in your community means fewer homes abandoned due to foreclosures, fewer food shortages, and overall better quality of life.  

As you can see, supporting your local businesses is beneficial for the entire community you live in. Think of these local businesses as your neighbors. The simple exchange of goods, services, and loyalty have helped communities thrive since the beginning of time. You can keep it going in the neighborhood you live in. 

 

Each individual’s financial situation is unique, and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; It does not constitute legal advice. If such advice or a legal opinion is required, please consult with competent local counsel.