Local searches are defined in this study as "searches conducted by consumers on the local or directory (Yellow Pages) sections of leading search sites, and other searches identified as having local intent." The "having local intent part" is usually defined as some sort of geographic modifier in the search term. So this leaves out a number of possible searches such as "halloween costume" that could be the first in a series of steps that end in a local offline purchase.
Adding to this is that "47 percent of local searchers visited a local merchant as a result of their search behavior, while 41 percent made contact offline," according to the study. As local search is growing and a large piece of it results in offline transactions, these are important trends that should drive local search models and emphasize the importance of leading (and tracking) offline purchases effectively.