November is here and the holiday season is quickly approaching. During this season we not only reflect on how grateful we are but also begin thinking about shopping for holiday gifts for our loved ones. As holiday shopping moves upward on our priority lists, we should all keep local businesses in mind.
End-of-the-year shopping, especially during the holiday season, is crucial for many businesses. The National Retail Federation reports that holiday sales account for approximately 40 percent of most stores' annual sales. The Saturday after Thanksgiving has been dubbed "Small Business Saturday" by American Express.
Buying local products at locally owned businesses keeps money circulating in our community. This creates a ripple effect as those businesses and employees, in turn, spend their money locally.
Canton is home to more than 100 locally owned and operated businesses offering a wide variety of products and services. Money spent at local establishments immediately contributes to our economy. Taking nothing away from our big-box chain operations, because we appreciate them as well, but it is proven that dollars spent at local businesses circulate more wealth throughout the community.
Multiple studies show locally owned independent restaurants return twice as much per dollar of revenue to the local economy than chain restaurants. Independent retailers return more than three times per dollar of sales than chain competitors.
Think about this: A 2003 study done by a research group in Maine explored how much a dollar spent at a local independent store is re-spent in the local area in the form of payroll, goods and services purchased from other area businesses, profits spent locally by owners, and donations to area charities. The study found that every $100 spent at a local independent establishment generated $45 of secondary local spending, compared to $14 for a big-box chain.
As a way to show appreciation, gratitude, and support for our locally owned and operated businesses, buy local — this holiday season and throughout the year. We all benefit by keeping the dollars circulating in our community.
Simply put: Cash it in Canton!
to your business!