Probably not. But you may soon, if you’ve got a tax refund coming to you. According to the IRS, 73% of those who filed tax returns last year received a refund, averaging $2,792 per person. Apply those figures to the New York metro and we’re talking about 10.7 million people with nearly $30 BILLION at their disposal.
Taking into consideration the fact that 90.7% of all New York Metro Adults 18+ listen to radio in an average week, this sure sounds like a great time to ADVERTISE ON RADIO! (Scarborough, New York MSA, Sep13-Aug14)
The National Retail Federation released a study last year detailing how U.S. Adults 18+ plan to spend their tax refunds. A lot of us plan to be responsible with at least part of our refund, with 46.0% contributing towards savings, 37.7% paying down debt, and 25.3% using their refunds for everyday expenses. Then comes the fun stuff – 12.8% plan to spend some or all of their refund on a vacation, and 10.7% on a major purchase (TV, furniture, car, etc.).
Let’s take a look at specific categories where radio excels, starting with financial. For example, 7,057,740 (48.3%) of New York Metro Adults 18+ live in a household with investments. More than nine out of ten (92.4%) of these folks listen to radio in an average week.
Radio is also a great place to reach those planning a vacation. Nearly one-third (31.8%) of all New York Metro Adults
Sometimes we don’t have a choice about when to make a big purchase – say if our refrigerator breaks down, we can’t exactly wait until we have some extra money laying around. But when we do have money that’s not earmarked for something … well, you can probably think of a lot of things you’d like to buy. For example, nearly one-fifth (19.9%) of all New York Metro Adults 18+ live in a household that’s planning to buy or lease a new or used vehicle in the next year. Radio reaches 93.9% of these consumers each week.
So, we’ve established that radio reaches the right consumers. But does it reach them in the right location? Of New York Metro Adults 18+, two-thirds (66.6%) of all radio listening takes place away from home. In fact, radio dominates the car. On a national basis, 86% of those who have driven or ridden in a car in the past month tuned in to the radio. That’s beats all other forms of in-car listening.
And the cherry on top? Radio reaches people right before they’re shopping. Of Adults 25-54, 40% are exposed to radio within two hours before shopping – compared to 29% for live TV, 15% for Internet, 6% for mobile web/apps, 6% for social networking, and 5% for print.
For all of these reasons and more, join up with radio for a successful tax-season advertising campaign!