VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) — BC Association of Farmers’ Markets (BCAFM), in collaboration with the University of Northern British Columbia (UNBC), have completed a large, province-wide study to measure the economic impacts of farmers’ markets in BC.
The newly released BC Farmers’ Market Economic Impact Study reveals that direct sales at BC’s farmers’ markets were $155 million, contributing to $233 million in overall economic impact for the provincial economy. “In addition to an increase in the amount spent per shopper,” explained Heather O’Hara, Executive Director, BC Association of Farmers’ Markets, “in 2023 we had more markets open than ever before, on more days of the week, with an increased number of vendors.” Annual attendance at BC farmers’ markets increased from 4.4 million in 2012 to 5 million visits in 2023, with tourists and day-trippers accounting for 17% of visitors. Local shoppers were found to be loyal supporters, with 67% visiting a farmers’ market at least once per month.
“This project builds upon the success of our previous studies in 2006 and 2012. We were able to compare our results with these past studies to gain new insights about the growing measurable impacts of farmers’ markets to our provincial economy,” explained Dr. David Connell, Professor of Ecosystem Science and Management at UNBC and lead researcher of the 2023 BC Farmers’ Market Economic Impact Study.
The study also revealed that market visitors contributed to the economic growth of local businesses in the neighbourhoods adjacent to the farmers’ market location. For many people, shopping at the farmers’ market was their primary motivation for visiting the area, thus supporting an additional $119 million in direct sales at the local neighbourhood businesses. Business owners reported a substantial increase in benefits, with an impressive 87% indicating that their nearby farmers’ market had a positive impact on their operations.
“Farmers’ markets continue to connect people to BC food and farms across the province,” said Heather O’Hara. “The contributions of BC farmers’ markets are incredible. From small business incubators to tourism destinations, community gathering spaces, and sustaining local food systems – farmers’ markets do it all.”
The Economic Impact Study took place in summer 2023. A total of 11,800 responses were collected through quick surveys and one-on-one in-depth interviews with market visitors and local business owners. A dedicated team of researchers travelled over 18,000 kilometers to carry out on-site assessments at more than 70 BCAFM member farmers’ markets.
| Comparative Growth | 2012 | 2023 | ||
| (2012 dollar amounts adjusted for inflation as of Aug. 2023) | ||||
| Farmers’ market economic impact: | +28% | $182M | $233M | |
| Farmers’ market direct sales: | +28% | $121M | $155M | |
| Local neighbourhood business direct sales: | +61% | $74M | $119M | |
| More annual visits: | +14% | 4.4M | 5M | |
| More dollars spent per shopper per visit: | +5% | $40.58 | $42.50 | |
| More BC farmers’ market days: | +25% | 2,792 | 3,491 | |
| More BC farmers’ markets: | +25% | 109 | 136 | |
| More big markets: | +73% | 33 | 57 | |
Key Study Trends:
- Economic Benefits: A typical-sized farmers’ market in BC, with an average of 40 vendor stalls, injects over $6.7 million per year into its local economy. Bigger markets, accommodating over 100 vendors on a market day, show staggering economic impacts exceeding $12 million each annually.
- Market Size Matters: Bigger markets with more space for more vendors, contribute to higher direct sales, bigger market crowds, and increased revenues at other local neighbouring businesses.
- Year-Round Operations: Longer market seasons are a key driver of high economic impacts, benefiting local economies and direct sales channels for local farmers.
- Tourism Destinations: Farmers’ markets are a growing driver of tourism in both urban and rural areas. Over a quarter of tourists and day-trippers reported returning to visit their destination market for 3+ consecutive years. Tourists and day-trippers reported being drawn to the area by the farmers’ market but going on to spend $63.89 on average per shopper per day at local, neighbouring businesses.
Read the final report here: 2023 BC Farmers’ Market Economic Impact Study
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About BC Association of Farmers’ Markets
BC Association Farmers’ Markets (BCAFM) is a non-profit organization committed to supporting, developing, and strengthening farmers’ markets in all regions of British Columbia. BCAFM is passionate about local food and helping markets, farmers, and small businesses grow so local food continues to thrive. To learn more about BC Farmers’ Markets, visit bcfarmersmarket.org.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/1df7e781-9e35-4e34-bde0-a38c8562d010