This means if you choose to buy an appliance at Ra-Lins, a local discount retailer on Burnet Ave. in Syracuse, versus Sears, at Shoppingtown Mall, more of your money will get recycled back through the CNY economy instead of going out of town or even out of state.
This buy local is in focus
Fowler said that past "buy local" campaigns focused on marketing locally produced products such as Terrell's Chips, Byrne Dairy, Gianelli and more. Instead Syracuse First is all inclusive, whereas the product doesn't have to be made here. The criteria is for the business to be locally owned. If the product is made here that's a bonus - meaning more dollars stay in CNY.
Fowler cites Judith D. Schwartz Time Magazine article from June 2009 in his Syracuse First newsletter: The New Economics Foundation, an independent economic think tank based in London, compared what happens when people buy produce at a supermarket versus a local farmer's market or community supported agriculture (CSA) program and found that twice the money stayed in the community when folks bought locally.
"That means those purchases are twice as efficient in terms of keeping the local economy alive," said author and NEF researcher David Boyle.
Boyle goes on to compare money to blood. "Money is like blood. It needs to keep moving around to keep the economy going," he said, noting that when money is spent elsewhere--at big supermarkets, non-locally owned utilities and other services such as on-line retailers--"it flows out, like a wound."
Think right here in Syracuse. Take a decorative bowl. Set a budget. You can purchase that bowl at a retailer such as Marshalls or Macys, or you can go to Eureka Crafts, a locally owned and operated business in Armory Square that handles local, regional and national artists. More money stays in the community because Eureka's owners live here. It's basic math, if you purchase the local artist's product, even more dollars stay in the community.