Surely you felt it. Whether you call it Independence Day or the 4th of July, the energy level was different this year. Our celebrations might have been subdued but conversely, the passion of our patriotism has grown as we have all come together to find ways to navigate a global pandemic. We’re staying close to home. We’re also buying close to home and supporting local businesses. It’s changing the world.
There’s No Place Like Home
We’ve all experienced the benefits of globalization. It offers us access to new markets as well as opportunities to seek out lower production costs. We discovered new cultures – and many of us finally found a use for the world clock feature on our smartphones. Very handy to remind you what time it is if you needed to check on the progress of an overseas vendor.
The countries comprising G20 account for two-thirds of the population and represent nearly 80 percent of our planet’s economic output. We don’t always see eye to eye, but as former International Monetary Fund Christine Lagarde observes, “debates about trade and access to foreign goods are as old as society itself.” It’s not perfect, but globalization allowed us to grow and prosper.
And then along came COVID-19. We may be more aware of what’s happening around the planet, but we’ve all been forced to retreat to our own respective parts of it.
Doing what’s needed, safely
Research and consultancy giant McKinsey & Company has been keeping track of how COVID-19 has changed the way consumers and businesses behave. Optimism had begun to rise as we moved towards the 4th of July. Parts of the country – as well as other countries – had begun to partially reopen.
Even so, McKinsey & Company saw a difference in the sentiment as businesses began to explore what a “new normal” might look like. Around the world, and especially in the United States, there has been a decidedly strong shift to values and essentials. Of those surveyed by McKinsey & Company:
- 44 percent said they had become more mindful where they spend money
- 31 percent said they had changed to less expensive products to save money
- 21 percent said they were doing more research about brands and product choices before they made a purchase decision
Moving nationality aside, more than 70 percent of McKinsey & Company’s survey-takers said they might permanently change their interactions with non-local companies. Report after report adds further evidence that businesses are searching for ways to source and sell locally. As Strategy + Business Magazine puts it, the impact of COVID-19 continues to spread globally, but the effects are playing out locally. Global supply chains have been disrupted or are undependable. Organizations are looking around in their own backyard for solutions that will help them meet the needs of their local customers and support local economies.
A familiar tune
Governments around the world are posed to spend trillions of dollars to find ways to seek out local solutions which hopefully help to return us to the interdependent global economy we enjoyed. It didn’t take a global crisis to turn our attention to the benefits of being local.
For more than 40 years, we’ve made it our mission to be an organization that prioritizes the importance of USA-based production. Our domestic supply chains and material sourcing has scarcely been impacted by what’s happening to overseas competitors.
We’re local. We’re strong. We can supply you with Made-in-America products. Because everyone knows that you can’t help the world until your own house is in order. We’re here to support you as we all move forward. How can we help you get back to business as usual?
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