The Economic Multiplier Effect
Why it's so important.......
1. Research shows that much more of the money spent with locally owned businesses ‘stays local’, doing far more good for their communities than the same amount spent with non Manx businesses.
2. For every £1 spent with a UK retailer, research* shows that 42p leaves the Island and only 58p remains here to support local jobs, public services, community and charity works.
3. It almost 3 x more beneficial for our Island when you spend the same pound at Shoprite.
4. Our focus on spending with more than 160 Manx suppliers ensure each ‘local pound’ multiplies in worth as it progresses from one Manx family to another, supporting jobs, creating opportunities for growth and providing vital revenues to pay for the essential public services like health and education on which we all depend.
This recycling of the revenue back into the local economy eventually generates over 3x more than it would if it was a UK domiciled business*
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We are not talking about small differences – we are talking about major influences on the Island and its future success.
*source NEF 2008