The New West Farmers Market may be a pleasant place to shop and mingle with friends and family but it’s also having a positive impact on the local economy.
Market manager Emily Gaudette said New West Farmers Market was grateful to have been invited by the BC Association of Farmers Markets to take part in the provincial study assessing the impact of farmers markets on the local community and economy. She was “pleasantly surprised” at the findings.
“They assess our direct and indirect economic impact on the local economy to be estimated at $3.12 million, which really just goes to show how supportive our community is, and how important farmers markets are in supporting local producers and entrepreneurs,” she said. “I think farmers markets are such a valuable component of creating sustainable and diverse local economies.”
Gaudette said the market’s success is attributable to all of the people that make the market happen, the invaluable support it receives from City of New Westminster staff and community members who have championed the market through the rough years of COVID.
The BC Association of Farmers’ Markets collaborated with Dr. David Connell of the University of Northern British Columbia to complete a provincewide study in 2023 to measure the economic impact of farmers markets in B.C.
According to the BCAFM, the study measured market spending and spending at neighbouring local businesses, both of which contribute to the economic impact of farmers markets in B.C. In total, 70 farmers’ market assessments were completed across British Columbia between May and September, 2023.
Highlights from the New West assessment included:
- Annual economic impact on the local economy: $3.12 million (The report says this is a measure of the “ripple effect” for every dollar spent at farmers markets, including moneys vendors spend on inputs for the products sold.)
- Annual direct sales: $2.08 million
- Average shopper spending per market visit: $40.81
- Over 67,900 visits and 50,900 shoppers annually
- 56 per cent of the survey respondents visit the farmers market either regularly (almost weekly) or frequently (two to three times per month)
- Shopper spending at other local neighbouring businesses: $987,000
- 62 per cent of study participants said that they would spend $31.40 each shopping or eating at other local neighbouring businesses
Some of the findings from the provincewide study:
- Annual economic impact of BCAFM member markets: $232.9 million (a 28 per cent growth from 2012 to 2023)
- 4.95 million visits and 3.7 million shoppers annually
- Annual direct sales at BCAFM member farmers markets: $155.3 million (with the average shopper spending $42.50 per market visit)
- 17 per cent of study participants self-identified as tourists or day-trippers
- Shopper spending at other local, neighbouring businesses: $118.51 million (an increase of 61 per cent from 2012 to 2023)
- 80 per cent of study participants said that they would spend $47.17 shopping or eating at other local, neighbouring businesses in the farmer’s market area
- 87 per cent of businesses interviewed report that their neighbourhood BCAFM-member farmers market has had a positive effect on their business
The New West Farmers Market’s 2024 season kicks off on March 28 with an Easter-themed block party. The weekly market runs every Thursday, until Nov. 7, from 3 to 7 p.m. in Tipperary Park, which is located next to New Westminster City Hall.
