How important is local spending? Let's find out…
Sundance State Bank and Sundance Times sponsor $2 Challenge this Christmas
November 7, 2019
The Christmas season sees more gifts bought than any other, but how much of that spending is happening in our local stores? Sundance State Bank and the Sundance Times are jointly launching a challenge this year that will aim to visibly demonstrate the impact of shopping local on the health of our town’s local businesses.
Inspired by a similar event running in communities across the southern part of Wyoming, the challenge is simple: we are asking all our readers to set aside $100 of your Christmas shopping budget that you would otherwise have spent online or in large chain stores and malls. Instead, pledge to spend that money in local stores.
To join in, visit Sundance State Bank to exchange your money for $2 bills at no cost. Because $2 bills are relatively rare, they can be easily tracked as they circulate around the local economy over the Christmas season.
One business will receive the bills and perhaps spend them elsewhere in town, spreading the local spend throughout the community. Those bills will continue to float around over time and will likely appear throughout the year, reinforcing the importance of supporting your local economy during the gift-giving seasons.
For every $100 you purchase in $2 bills, you will also be entered into a drawing for an additional $100 in $2 bills. Please join us in this experiment and support your town through local spending this Christmas.
Why Shop Local?
Studies show that, for every $100 you spend at local businesses, $68 stays in the community. Sales tax stays in the community and can be reinvested right here.
Meanwhile, local businesses have been found to be better at creating high-paying jobs – not just in the businesses themselves, but also for teachers, police officers and other essential professions.
Interestingly, shopping local is also credited with preserving what makes a community unique, because local businesses buy for their own individual markets and sell what they know you like and want. This in turn makes your town a more interesting place for visitors and those looking to move to a new place.
Shopping local nurtures your community, because local businesses have been shown to donate to community causes at more than twice the rate of chain stores. Shopping local even helps the environment by removing the need for transportation and packaging.