News Summary
A recent study by the Michigan Retailers Association reveals that redirecting just 10% of online spending to local businesses could yield 12,000 new jobs and $1.1 billion in economic activity. This highlights the significant impact of local consumer habits on Michigan’s economy, supporting both job creation and public services funding. Initiatives like the annual ‘Buy Nearby’ campaign and the upcoming ‘Buy Michigan Now Festival’ promote local shopping, engaging the community and reinforcing the importance of supporting local retailers.
Michigan Retailers Association Study Reveals Boost in Local Economy from Shifting Online Spending to Local Businesses
Michigan consumers have the potential to significantly boost the local economy by simply redirecting a small percentage of their online spending to neighborhood retailers. A recent study conducted by the Michigan Retailers Association (MRA) and Public Sector Consultants (PSC) reveals that if just 10% of the $2.6 billion Michiganders spent online in 2024 was shifted to local businesses, it could create nearly 12,000 new jobs and increase economic activity by $1.1 billion.
The data, drawn from U.S. Census and Bureau of Labor Statistics for 2024, underscores the substantial economic impact of local spending. In addition to creating jobs, this shift in spending could potentially increase labor income by over $557 million, demonstrating the significant effect that local consumer habits can have on the overall health of the Michigan economy.
Significance of Local Retail
Currently, Michigan hosts over 90,000 retail establishments that collectively support about 510,000 jobs across the state. These local businesses are not only essential for job creation but also contribute vital funding to public services. Specifically, for every $100 spent at local retailers, $5 goes directly to public services through taxes.
Annual “Buy Nearby” Campaign
The MRA has been conducting the annual Buy Nearby Economic Study since 2013 to evaluate and promote local shopping habits. The association emphasizes the importance of small retail businesses and, as part of their efforts, has designated a special shopping weekend called “Buy Nearby Weekend” from October 3 through October 5, encouraging residents to choose local retailers for their shopping needs.
This initiative not only cultivates community engagement but also emphasizes the long-term benefits of supporting local businesses. The MRA aims to provide consumers with motivation and opportunities to shop local, which ultimately helps strengthen the state’s economy.
Upcoming Festival and Community Engagement
In line with its advocacy for local businesses, the MRA is set to host an upcoming event, the Buy Michigan Now Festival, which has transitioned from Northville to South Lyon. This annual festival, originating nearly two decades ago from a movement initiated in response to economic struggles in the state, will showcase over 100 Michigan-based vendors, highlighting the diverse offerings from local entrepreneurs.
The festival, scheduled for the first full weekend in October, will also provide entertainment for families, featuring food trucks, children’s activities, and live music. The aim of the festival goes beyond just sales; it is designed to foster community spirit and stimulate local economic growth.
Background of the Buy Michigan Now Movement
The Buy Michigan Now movement was created by Lisa Diggs nearly 20 years ago as a response to the economic challenges faced by the state. Over the years, this initiative has gained traction as more Michiganders recognize the importance of supporting their local economy, particularly in today’s retail climate where online shopping often overshadows brick-and-mortar stores.
By participating in local initiatives and events, residents can help revitalize the economy in their communities, leading to more sustainable economic growth and enhanced quality of life for all Michiganders. The upcoming festivals and targeted campaigns by the MRA continue to drive awareness and action toward supporting local businesses, showing that collective efforts can lead to substantial changes.
Deeper Dive: News & Info About This Topic
- WZZM 13: Study Shows Potential Economic Impact of Local Spending
- Wikipedia: Local Economy
- Detroit Free Press: Michigan Nike Pegasus Sneaker Pricing
- Google Search: Michigan Local Retail Impact
- Big Rapids News: Steelcase HNI Acquisition
- Encyclopedia Britannica: Consumer Economics