Consumer confidence is on the rise. According to The Conference Board, the Consumer Confidence Index rose for the second month in a row in February and now stands at 114.8. And, Kiplinger estimates a 3.7% increase in retail sales in 2017. That adds up to a great bang for the retail industry's advertising buck.
And where does that buck stretch the farthest? Radio! Compared to the average New York metro Adult 18+, heavy radio listeners have 14% greater median household incomes.
Radio is a massive reach medium, with 92% of Adults 18+ tuning in on a weekly basis. Not to mention, radio has always been a great place to reach consumers closest to the point of purchase. In the New York metro, more than two-thirds (67%) of radio listening is done outside the home.
According to Nielsen Audio, the retail spending power of New York metro Adults 18+ totals a whopping $247.2 billion! That works out to $677.3 million each day! Let’s look at some individual retail categories.
Clothing and clothing accessory stores garner over 10% of that total with $26.3 billion spent annually. Here's how it breaks out. For example, $6.5 billion are spent at women's clothing stores annually. Radio reaches 90% of all New York metro Adults 18+ who have purchased women’s clothing in the past year. (Source: Nielsen Audio, New York Metro, Oct15-Aug16, Mon-Sun 6A-12Mid)
Radio is also a great medium to reach furniture consumers. Future furniture consumers are more likely to be heavy users of radio and lighter users of TV and newspaper. More than two-fifths (43%) of New York metro Adults 18+ residing in a household that plans to buy furniture in the next year fall into the two highest quintiles for radio usage. In comparison, 44% of the same group falls into the two lowest quintiles for TV usage. (Source: Nielsen Audio, New York Metro, Oct15-Aug16, Mon-Sun 6A-12Mid)
Groceries are another huge retail category. Radio reaches 98% of all New York metro Adults 18+ who have shopped a grocery store in the past week. And, half of New York metro Adults 18+ live in a household that spent $150 or more on groceries in the past week. Coupons are a great incentive to bring these consumers into your stores, with nearly one-third (63%) of radio listeners’ households having used coupons for groceries in the past month.
With consumer confidence surging, now is definitely the time to make your bid for their dollars. Whether you're selling sweaters, sofas, or soda, you should be letting consumers know you're ready to sell the wares they want. And what better way than with the dominant advertising medium of Radio!