Almost £283m more could be driven directly into Scotland’s regional economies if everyone in the country spent just £1-a-week extra with local businesses.
The significant financial difference that can be made – safeguarding the future of businesses and protecting jobs – has been highlighted as part of Scotland Loves Local Week.
Businesses and organisations across the country are championing the transformational impact of choosing local as part of a series of events, themed on People Make Places, running until Saturday (August 30).
The call to think local first is championed by Scotland’s Towns Partnership (STP) – the organisation behind Scotland Loves Local – with support from the Scottish Government.
Deputy First Minister Kate Forbes said: “Local spending is vital to the prosperity of our villages, towns and cities. It keeps people in jobs, businesses open and wealth in communities. The Scottish Government continues to work closely with Scotland’s Towns Partnership to drive forward the Scotland Loves Local campaign which aims to strengthen communities by putting localism and thriving town centres and high streets at the heart of a green, fair and growing economy.
“To create jobs and boost local economies we are also progressing our Community Wealth Building Bill which would, if passed by MSPs, encourage councils, NHS boards and other public bodies to buy more goods and services from their local businesses.”
STP has calculated that, if every person in Scotland were to spend just £1 more per week with local businesses in their area, an additional £282.7m would be generated annually.
Every region of Scotland would be improved to the tune of millions of pounds.
STP Chief Officer Kimberley Guthrie said: “The reality is that £282m is the tip of the iceberg of what can be achieved. If £1 more every week can make a transformational impact to the people who make our places, just imagine what is truly possible by choosing local even more.
“Money stays local for longer when you spend with local businesses.The multiplier effect is massive. These businesses spend with other businesses, who employ other local people, who then spend with other local businesses. Every penny spent is an investment in the future of your area.
“The jobs and livelihoods of your neighbours, friends and family depend on you doing so.”
Made in Stirling is an enterprise which highlights the way in support for local businesses can have a ripple effect through entire communities.
It has transformed a former department store in the city centre into a shop, gallery, event space and studio in the city centre which supports more than 100 makers, about 70% of them from Stirling. It is working to help reinvigorate the high street and retail economy through access to arts and culture.
Paul Jenkins, Commercial and Creative Director of Made in Stirling, said: “Local support is so important. Our mission is to revitalise the high street and make Stirling not only a centre they visit for its heritage, but for all of the amazing local businesses we have across Stirlingshire.”
Lewis Roden, Chair of the recently-launched Business Improvement District BID for Galashiels in the Scottish Borders, added: “Supporting local businesses not only strengthens our economy, but helps keep places like Galashiels the vibrant, welcoming places we’re all so proud of.”
STP champions the critical part that towns and local neighbourhoods play in creating a better Scotland and the need to invest in them.
Scotland Loves Local is the drive for people to build stronger, more sustainable futures for their community by supporting the businesses in their area.
It also works to lock spending directly into regional economies through the Scotland Loves Local Gift Card, operated in partnership with Perth-based fintech Miconex. It is credited with driving spending totalling £45 million, with 20,000 businesses registered to accept their cards.
Throughout Scotland Loves Local Week, politicians will be visiting businesses across the country to celebrate the work that they do. The people who make places will be celebrated in a social media campaign backed by local organisations, Business Improvement Districts, local authorities and other organisations.
Kimberley Guthrie added: “By spending more locally, businesses thrive. This builds confidence and adds to the attractiveness of a town, ultimately unlocking investment opportunities to ensure our local places are those where people choose to live, work, visit and enjoy.
“Towns are the beating heart of Scotland. Localism is central to a wealthier, fairer, more sustainable future for all.”
One of the ways that STP is working to encourage direct spending with local businesses is through the Scotland Loves Local Gift Card, delivered alongside Perth-based fintech Miconex.
More than 7,000 businesses across Scotland accept the card, which has driven £16m into the regional economies since its launch.
David O’Neil, Chief Customer Officer at Miconex, said: “The Scotland Loves Local Gift Card is transforming communities across the country, giving people and organisations an easy way to support local businesses.
“Every business which accepts the card, every person who buys the card as a gift and every organisation that uses the card for rewards, incentives and support is making a tangible, positive impact on our local communities.”
