The results are in, and the City of San Luis Obispo’s 2024 Buy Local Bonus program funneled $868,597 into the local business community.
The City’s initial investment of $115,000 in gift cards incentivized $753,597 in additional local spending by shoppers, resulting in a record-breaking 685% return on investment.
“We are excited that so many in our community deliberately chose to support local businesses this past holiday season,” said San Luis Obispo Deputy City Manager Greg Hermann. “Each dollar spent locally has a huge impact, and the Buy Local Bonus program amplifies that impact, benefiting both shoppers and local retailers.”
For the fifth year in a row, the City partnered with the San Luis Obispo Chamber of Commerce in November and December 2024 to bring the Buy Local Bonus Program to the community and incentivize local spending during the holiday season. The City purchased 25 gift cards at $25 each from 165 qualified local businesses. Then from Black Friday on November 29 until it sold out on December 22, 2024, shoppers who spent $100 or more locally and saved their receipts were eligible for a $25 gift card as a reward for supporting local businesses in the city of San Luis Obispo.
“The Buy Local Bonus program is a win for both the community and small businesses, and not just because it happens during the ever-important holiday season of spending,” said Lindsey Haring, co-owner of The Mountain Air and The Switchback. “It brings new customers through the door, which can be the first step toward a lasting connection, the kind of connection that small businesses are known for.”
This year’s program was so successful that it sold out sooner than anticipated this season. Combined with the City’s $115,000 investment, the total direct local spending reached an impressive $868,597. While $100 in local spended was needed to qualify for a $25 gift card, the average amount spent per qualification was $162.52. In total, there were 4,637 qualified entries from shoppers who submitted 7,389 receipts.
“Both local retailers and shoppers embrace this program, and it’s fantastic to see so many people rallying behind their favorite local businesses, particularly during the holiday season,” said Jim Dantona, President and CEO of the SLO Chamber of Commerce. “We’re proud to partner with the City in this meaningful investment in our local economy.”
The Buy Local Bonus program has demonstrated consistent success in driving local spending over the last five years, with a return on investment regularly exceeding 650%. The 2024 Buy Local Bonus had an exceptional ROI of 685%. Despite variations in the City’s annual investment and total local spending each year, the program’s ability to deliver significant results showcases its lasting impact on the local economy. Since 2020, the Buy Local Bonus program has generated more than $3.6 million in direct local impact for small businesses in SLO.
