Retail Excellence Ireland (REI) has said that the multiplier effect of Christmas bonus disbursements to social welfare recipients this week could be worth more than €250 million to local businesses, including retailers.
REI made the announcement ahead of Small Business Saturday (#SmallBizSaturday) this weekend, which seeks to encourage consumers to ‘shop local’.
“REI applauded the partial reinstatement of the Christmas bonus in Budget 2015," said Seán Murphy, REI Deputy CEO. "As these payments start to be distributed, roughly €63 million will be added to the economy.
"As part of our #SmallBizSaturday campaign we call on all shoppers to think about the benefits of spending this money locally. If consumers can ‘keep it local’, then the multiplier effect will be more than €250 million."
REI estimates that every €1 spent in a small local store is worth €4 to the local economy in terms of employment supported and economic activity levels maintained.
Last week, ISME, the Irish Small & Medium Enterprises Association, also called on consumers to 'buy local' this Christmas, describing it as the 'easiest way to support the Irish economic recovery'.
“It is also important that retailers label and display Irish goods prominently within their stores, to assist consumers in making the best choices," said ISME Chief Executive, Mark Fielding. "Irish consumers generally tend to want to support indigenous businesses and jobs by buying locally and it is imperative that retailers make this a seamless process.”
© 2014 - Checkout Magazine by Stephen Wynne-Jones