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Did you know that in 2007 the New Oxford American Dictionary chose “locavore” as its word of the year? The “buy local” movement has been gaining momentum over the last few years, despite the backdrop of financial upheaval and global recession. How is that possible? What is so compelling about “local”? And what does it mean to consumers around the world?

These questions and others were the topic of a webinar that Kat Lerman and I delivered yesterday: “Impact of Local on Consumer Behavior.”MORE…

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Would you go miles out of your way to buy vegetables from a farm stand? When you’re perusing the shopping aisles, are you searching for products that are made close to home? Is it important to you that your insurance agent hangs a shingle in your neighborhood?

If your answer to any of these questions is “Well that depends…,” you are not alone.

In our most recent research report, which launched today, we explored what local buying means with nearly 1,000 consumers across 10 countries. We found people throughout the world to be well-versed in the language of “local,” but we also found that, by its self, “local” is not a high priority for most consumers. However, if companies fail to understand what is driving the local buying movement, they do stand to lose out on a great opportunity. Here are some of the key insights we learned about “Local”:MORE…