Vermont Business Magazine The Buy Local Vermont program drew an overwhelming response as soon as the program went live last week. Almost 12,000 Vermonters received discount offers to support local businesses in their communities. ACCD has released a status report that shows economic activity happening above the average $30 gift amount per customer. Vermonters who have redeemed their gifts thus far have spent 53 percent more than the value of the discount, resulting in approximately $1.50 in economic activity for local businesses for every $1 invested in the program in just the first week.
One of the many benefits of a consumer stimulus program like #BuyLocalVermont, is that the economic activity generated surpasses the original investment as the discounts offered to customers spur additional spending. As more consumers use the discount offers in the days and weeks ahead, the cumulative impact of the original $425,000 investment will be multiplied. This type of consumer stimulus also has the benefit of bringing local Vermont businesses new customers for future sales, brings consumers to nearby merchants in downtowns and village centers, and influences overall consumer spending habits to reinforce the effect that local spending has on the Vermont economy. #BuyLocalVermont
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Business Impact
ACCD wants to hear from all Vermont businesses impacted by the COVID-19 pandemic. Please use the ACCD Business Impact Form to help us continue to assess the full impact as we work toward additional solutions.
Source: Agency of Commerce & Community Development 9.15.2020 https://accd.vermont.gov/
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September 17, 2020 at 03:52AM
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Buy Local Vermont status report released - Vermont Biz
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