Many South Africans have become familiar with the phrase “Local is Lekker”, coined by Brand South Africa as a way to encourage South Africans to believe in investing in local products. While the phrase has managed to achieve popularity, just how effective it has been is yet to be seen.
In a world where rapid globalisation has made the world a village, South African have access to a wider array of products from all over the world now more than ever before. This makes it even harder for local producers to achieve sales.
What are the benefits of buying local?
The benefits of buying local are not just price-driven. There are a number of benefits associated with buying local.
For instance, the issue of currency exchange when trading at an international level is eliminated when you are buying local. This means that you won’t be subjected to the ever-fluctuating exchange rate.
In addition, local purchases are said to be twice as effective in keeping the local economy thriving. Not only is this an effective way of creating employment opportunities, but it also improves exporting channels for the country. If the country exports more products, this bodes well for the Gross Domestic Product (GDP).
Locally-sourced products are usually of a higher quality.
Local products are usually designed with the local market in mind.
As a consumer who buys local, you have the benefit of good on-site support. You are likely to have access to on-site assistance, which may mean that you can avoid having to deal with call centres.
The economic cycle created by the localisation of production and consumption goods is viable.
Buying local is critical to attracting and sustaining investment. A growing demand for local gods creates an economic boom, which generally encourages investors.
Buying local also boosts growth of local economies all over the world.