Shopping local fuels community economy
The shopping season is here, burying the reason for the season while tempting even the most frugal among us into a frenzy of spending. Like a late-night drinking party, the hangover from an orgy of spending can be painful. Waking up in January to thousands of dollars in credit card bills is hardly the best way to start the new year.
One way to temper spending is by shopping local — visiting the various art fairs and going to locally owned shops. Pay in cash, when possible, avoiding the so-called “merchant” fee added to debit or credit card transactions, paid either by consumers or business owners. Budget how much you want to spend and enjoy starting January without worry. No need to plan how to pay off debt.
Plus, withdrawing cash and stopping shopping when the dollars are gone ensures no debt. And here’s a tip from business experts that will help ensure you have the cash for 2024. Each month, put away, say, $50 — that’s $600 ready for Christmas shopping. Cash, ready when you need it.
Then, when it’s time to select presents, use that cash while shopping locally.
Those dollars boost the community, too. Economists believe of every dollar spent at a locally owned business, about 70 cents stays local. Buying gifts from friends and neighbors keeps the economy healthy right here at home.
In Santa Fe, we are fortunate not only to have wonderful shops with food, home goods, clothing, outdoor gear, beauty services, music lessons or instruments and other desirable items — all owned by locals — we also have a community of artists.
They, too, are running local businesses. Many local nonprofits run shops where recycled goods are sold; that enables one to shop local, help a good cause and not add to waste in the world.
Whether you want to visit Winter Indian Market (Saturday and Sunday) or Winter Spanish Market (Dec. 2 and Dec. 3) or a crafts fair to look for gifts, there are plenty of possibilities.
Daily, local artists sit under the Portal outside the Palace of the Governors, offering the opportunity to buy handmade gifts that will become family treasures. Gift certificates to local restaurants, for spa services, for house cleaning, pet grooming, carwashes — so many possibilities — are another option for spending money right here at home.
There’s even a special day during the holiday season designed to remind shoppers that local businesses matter. Small Business Saturday is now a shopping tradition — it comes after Thanksgiving and Black Friday — and lures people into stores for a more locally based shopping tradition.
Started after the 2008-09 recession to help businesses recover, Small Business Saturday has taken on a life of its own, says Jason Espinoza, New Mexico state director for the National Federation of Independent Business. With the uptick in tourism, small businesses in New Mexico continue to thrive.
As a bonus, there will be a state gross receipts tax holiday Saturday on qualifying items at small businesses. For cities such as Santa Fe, that’s around an 8% markdown. Shopping locally. Using cash to avoid debt. All ingredients to enjoying a stress-free holiday in 2023.