The Importance of Buying Local
One of the central tenants of the Buzz Points philosophy is “bank local, buy local.” The idea is that by implementing our rewards system at your bank or credit union will incentivize the card holders to use their cards and dollars at local businesses. This will earn bonus points for consumers and keeping the dollars in their community, all the while banking with their local community bank or credit union.
This is our mission.
This ideology is about giving back and supporting the people who are from where you are. When a financial institution offers the Buzz Points program, they are choosing to support local businesses, to keep more money within their community, and helping to better their area. These local dollars impact local jobs, which help improve the lives of people in the community, the same people who are their friends and neighbors.
Not only does keeping money in the community help the local people individually, it also helps the town as a whole. By supporting and helping to grow businesses, you’ll see Main Streets grow, commerce centers expand, and with that growth comes more traffic to your community. The point is, buying local has more positive repercussions than just keeping the money out of the hands of the super companies.
Here are some statistics to consider when thinking about the positives of buying local:
- Buying local keeps 3X more profits within the community. Studies have found that 45-58% of a local business’s profit stays in the community versus only 13-33% of a national chain’s profit.
- If the people of an average American city were to shift 10% of their spending from chains to local businesses, it would bring an additional $235 million per year to the community’s economy.
- A study in Austin, Texas, found that $100 spent at a local bookstore produced $45 worth of local economic activity, and $100 at the chain store Borders brought back only $13.
- If every family in the U.S. spent an extra $10 a month at local businesses as opposed to chain stores, over $9.3 billion would be returned to our economy.
Our “bank local, buy local” philosophy helps grow local communities with our Buzz Points Rewards Program, which in turn helps grow the local banks and credit unions. It’s an idea that helps the people you grew up with, helps the area that you call home. It’s home grown living, and that’s something we can feel proud of.