5 Ways to support the local economy

02 August 2019 by National Bank
Consommer local

Looking to promote Canadian talent and support the local economy? By adopting socially responsible shopping habits, you can help build a stronger tomorrow.

Canadians stand out in so many ways, pushing the boundaries every day in sports, business and the arts. As a consumer, you have an important role to play. By adopting responsible shopping habits, you can help develop Canadian talent. The key is to buy local.

Buy local: It's great for the environment and the economy!

When you buy locally, you boost the economy in your area while reducing your environmental footprint and encouraging home-grown businesses. According to the Quebec Ministry of Agriculture, Fisheries and Food (MAPAQ), if each consumer spent an additional $30 a year on Quebec products, a billion dollars would be injected into the local economy over a period of 5 years. 

You can make a big difference by regularly choosing local businesses over international chains. This could mean patronizing an independent coffee shop or shopping for Canadian-made clothing. Locally bought goods also have shorter supply chains⁠—they don't have to travel as far to get to the point of sale. 

Vote with your wallet⁠—even at the grocery store

Do you know where the products you purchase come from? Buying local starts with asking about the origins of your groceries and the other products you buy. You can tell a lot by just reading the label. It's also becoming more common for grocery stores to promote the local products on their shelves. 

When you opt for the local choice, you're basically voting with your wallet⁠—and encouraging vendors to offer more local products. 

Local produce also tends to be much fresher and more nutritious. So buying local is also good for your health! 

Support Canadian culture by choosing local content

The arts define our culture and promote it on the world stage. Online broadcasting services have made it easier than ever to access local and international content without paying an arm and a leg. There's only one way to make sure artists can continue to create music, movies, plays and TV series: we need to invest in the arts. 

It starts with refusing to watch pirated content and making informed choices about what we buy. Do you love music, movies and TV? Look for content platforms that meet your needs and offer fair compensation to artists and content creators. 

Planning to buy a book, watch a movie or take in a show? Go Canadian! Our cultural scene is bursting with world-class talent and has something for everyone. 

Shop local online

Online shopping has transformed our consumer habits. Although this shopping method is often criticized for environmental reasons, you can reduce the impact by choosing local options. It's simple: It takes fewer resources to transport locally sourced products. 

There are local options on most online shopping sites, so get in the habit of checking where vendors are located. Some websites, like Signé Local and Etsy, group local artisans together so consumers know where their products come from. It's the best of both worlds—you can shop online while supporting local businesses!

Invest in Canadian companies

Did you know that you can make investment choices that support Canadian family businesses? Become an independent investor and choose ETFs that promote home-grown entrepreneurs and stimulate our economy. Interested? Feel free to consult the resources available. 

Supporting the local economy through your investment or shopping habits is a win-win! Adopting responsible consumer habits can help us build a stronger tomorrow. 

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