Why should you buy local Michigan products #3?
Today we will be talking about how buying local keeps money in the community and how that creates a positive outcome. When dollars are spent locally several positive things happen. If we spend our money locally in our city or even inside the state of Michigan the money can in turn be spent locally in your city or state, raising the overall economic activity, paying more salaries, and building more tax base. This re-circulating of money leads to an increase in economic activity entirely due to spending locally. There are four ways a firm keeps money local: wages and benefits paid to local residents, profits earned by local owners, the purchases of local goods and services for resale and internal use and contributions to local nonprofits. consistently, locally owned businesses exceed their chain competitors in all four components.
Let's take Handmade Michigan for example. If someone chooses to buy a ring from Handmade Michigan instead of Wal-Mart we can conclude that the money spent at Handmade Michigan will help pay for any wages or benefits that Handmade Michigan has, the owner of Handmade Michigan is from Michigan so the profits earned from the sale are kept in Michigan and re-spent in Michigan, and as we have stated in our 2nd blog on why to buy local Michigan products, charitable contributions are much greater when from a locally owned business compared to their national counterparts. When you purchase a ring at Wal-Mart, the only local positive outcome is the wage to the local employee that works at Wal-Mart. As you can see, it is very important to keep our purchases local so the money can recirculate locally and work for us instead of someone else.
We can make a difference! Michigan residents must realize this and consider buying locally whenever possible. Here’s to you . . . . here’s to our Great Lake State of Michigan!!