As you do your holiday shopping this year, take a pledge to do at least 50% of your shopping in locally-owned independent stores. It will make a huge difference! Last year, with people focused on shopping locally, the 4th quarter sales tax revenue in Geneva increased 10.7% from the previous year. In real terms, that meant shopping in Geneva helped generate an increase of $75K+ in sales tax revenue and meant that local businesses collectively made more than 10% in revenue during the final quarter of 2014 than the year before. That meant more money for local businesses, more money for local development projects, more money for local infrastructures, more money for community programs.
So let’s do it again this year and make 2015 the year you shop locally for the holidays! There are lots of reasons to shop locally in Geneva. Here are some basic economic figures:
- For every $100 spent at a locally owned business, $73 remains in the local economy, and $27 leaves.
- For every $100 spent at a non-locally owned business, $57 leaves and only $43 remains in the local economy.
- When you shop locally owned businesses, your money is recirculated over and over and creates up to 75% more tax revenue to your community and state.
- For every two jobs national retailers bring to a community, three jobs are lost as a result of local businesses closing down.
- Locally-owned businesses support local community projects and charities to a far higher degree than non-local businesses. How much more? Studies show that non-profit organizations receive an average 250% more support from small, local business owners than they do from large businesses.
Shopping local strengthens Geneva and benefits us all.