Don’t fly to buy

Everyone can play a part in shaping the economic future of the Cayman Islands. It starts by buying locally.

That not only means purchasing food and products that are made in Cayman, but shopping at on-island enterprises rather than travelling overseas to purchase goods and services.

Supporting local businesses provides real economic benefits. It keeps money circulating in Cayman, with each dollar trickling down into every area of the island’s economy.

It’s called the multiplier effect – each dollar spent at a locally owned and independent business instead of a chain store or online giant, returns an average of three times more money to the community than money spent at a non-local store.

Buying locally has more impact than many may think. Local merchants contribute to the community’s wellbeing by employing local workers, hiring support services to keep their business running and spending profits locally.

ENGAGED IN THE COMMUNITY

There are other benefits as well. Local businesses are engaged in Cayman’s civic life and contribute to charitable causes that serve the community.

It’s also a financial saving as there is no need to pay for airfare and accommodation off-island.

Shopping locally can also have a savings advantage, particularly for luxury goods. Because Cayman is duty-free and has no sales tax, luxury items such as timepieces, leather goods and jewellery can be found at prices much lower than the US and elsewhere.

Many retailers also offer a resident discount for goods and services. In the end, buying locally enhances life in Cayman.

With a growing number of retailers and businesses coming on stream, it’s time to take another look at what’s available right in your own backyard – and put your money where your life is.

This article originally appeared in the 2024 Love Local newspaper supplement.