Father's Day, this year, is June, 18. To celebrate the dads in their lives, 2.2 million Tampa Bay area consumers are expected to spend a record $292.9 million. According to a per capita forecast by the National Retail Federation (NRF), 2023 spending will be 14.5% more than last year.

“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay said. “Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special.”

The record highs for both collective and average spending are primarily driven by an increase in the percentage of consumers purchasing clothing, electronics, personal care and special outings and the amount they are spending on these categories.

Overall  80% of all Father's Day spending will be concentrated into four gift categories:

• Special Outing: $99,767 million
• Clothing: $44,768 million
• Gift Cards: $35,813 million
• Electronics:  $33,225 million
• Personal Care: $21,774 million

The remainder of the retail dollars Tampa Bay consumers spend will be for tools/appliances, sporting goods, greeting cards, and books/CDs.

The challenge for Tampa Bay area retailers, however, is keeping a significant share of these Father's Day dollars in local cash registers and out of the coffers of online sellers and department stores. Right now, according to the NRF, those two retail channels will gobble up almost 81% of all spending.

To earn a larger share of Father's Day spending, local small business owners will need to advertise to convince Tampa Bay consumers of the benefits of buying from local retailers.  By almost every marketing metric, the best way to advertise is on Tampa Bay radio.

There are 123,853 small businesses in the Tampa-St. Petersburg-Clearwater, FL Metro Area, according to the U.S. Census Bureau. Almost every one of these businesses is competing for a portion of the $65.6 billion of local retail spending expected to occur in 2023.*

To capture the largest share of this giant pool of consumer cash, Tampa Bay small business owners will need to consider advertising.

"Think you have a great product?" asks the U.S. Small Business Administration. "Unfortunately, no one's going to know about it unless you advertise. Advertising, if done correctly, can do wonders for your sales., and you know what that means: more revenue and more success for your company."

One of the best ways to advertise in Tampa Bay may be on local radio, a fact not lost on the world's largest advertiser, Proctor & Gamble. Last year, P&G upped spending on the radio by 43% to $235 million, according to Vivvix (formerly Kantar Media), led by a big jump in local radio.

Mother's Day is On May 14th this year. According to per capita data from The National Retail Federation, 2.2 million adult consumers in the Tampa Bay area plan to celebrate the occasion.

Between now and that special Sunday in May, the NRF expects a record $456.6 million to be spent in Tampa Bay to honor all the different moms in consumers' lives. Of those celebrating Mother’s Day, most (57%) are purchasing gifts for a mother or stepmother, followed by a wife (23%) or daughter (12%).

Comparatively speaking, Tampa Bay area consumers will spend 12.6% more to celebrate Monther's Day this year than they did in 2022, which was also a record year.

“Mother’s Day provides Americans with an opportunity to honor important women in their lives,” NRF President and CEO Matthew Shay said. “As people make plans to celebrate this year, retailers are prepared to help shoppers find gifts of appreciation and admiration for those they want to recognize on this special day.”

Almost half of all Mother's Day spending in the Tampa Bay area will fall into three categories:

1. Jewelry: $99,767,130
2. Special Outing: $71,627,683
3. Electronics: $51,162,631

The other half of Mother's Day spending includes purchases of gift cards, clothing, flowers, personal services, housewares, books, and greeting cards.

The challenge for Tampa Bay area retailers, however, is keeping a significant share of these Mother's Day dollars in local cash registers and out of the coffers of online sellers and department stores. Right now, according to the NRF, those two retail channels will gobble up almost 68% of all spending.

To earn a larger share of Mother's Day spending, local small business owners will need to advertise to convince Tampa Bay consumers of the benefits of buying from local companies.  By almost every marketing metric, the best way to advertise is on Tampa Bay radio.

According to Nielsen, 2,226,951 adults tune in to their favorite Tampa radio stations every week. This is significantly more consumers than are reached by all other advertising-supported media, including local TV, local cable, streaming video, social media, online audio, and local newspapers.

Tampa radio's unchallenged reach is why many local business owners depend on the medium to capture the largest possible share of the $65.6 billion dollars consumers are expected to spend at retail this year.

Other local small business owners, however, may be surprised to learn that by most marketing metrics, radio remains the best way to advertise in Tampa.

Here are four more facts about AM/FM radio that may surprise many local marketers.

Despite high-interest rates, inflation, and recession fears, Tampa Bay area consumers are expected to spend between $65.6 and $66.9 billion dollars at retail in 2023, according to recent per capita forecasts based on a survey by the National Retail Federation. This will be a 4-6% increase over 2022.

“In just the last three years, the retail industry has experienced growth that would normally take almost a decade by pre-pandemic standards,” NRF President and CEO Matthew Shay said. “While we expect growth to moderate in the year ahead, it will remain positive as retail sales stabilize to more historical levels."

The challenge for Tampa Bay area retailers, however, is keeping a significant share of these dollars in local cash registers. According to the NRF, the amount of money spent online and non-store options will increase by 10-12%. This is nearly twice the growth rate of all 2023 retail dollars and translates to more than a $6.6 billion dollar outflow.

To keep the expected deluge of new retail dollars local, area small business owners will need to advertise to convince Tampa Bay consumers of all the benefits of buying from local companies.  By almost every marketing metric, the best way to advertise is on Tampa Bay radio.

More than 2.1 million Tampa Bay area consumers are expected to celebrate Easter in 2023, according to per capita forecasts from The National Retail Federation. In all, the NRF predicts $306 million will be spent this year.

Not only will spending on Easter in Tampa Bay top last year's take by 16%, but it will also blow past the spending record of $277 million set in 2021.

“Easter endures as an important holiday for many Americans, signifying new beginnings and a time of celebration with friends and family,” NRF President and CEO Matthew Shay said. “As consumers plan to mark the occasion through a variety of traditions, retailers are dedicated to making this year a memorable holiday.”

According to the NRF forecasts, here's how Tampa Bay consumers are expected to spend their Easter Holiday cash:

• Food: $93.3 million
• Clothing: $51.1 million
• Candy: $48.6 million
• Gifts: $42.2 million
• Flowers: $23.0 million
• Decorations: $22.3 million
• Greeting Cards: $12.7 million
• Other: $11.5 million

There is one obstacle, however, between small business owners and this gargantuan pool of Easter cash.

According to the NRF, the vast majority of Easter shopping will be spent at discount stores, box stores, and online. Only 22% of spending will occur at local small businesses.

 

To Keep more of this cash in the Tampa Bay area, retailers will need to advertise to convince consumers of the values and benefits of buying from local small business owners.  According to most marketing metrics, the best way to advertise in Tampa Bay is on local radio.

Every week, according to Nielsen, Tampa Bay radio reaches 2,226,951 adults. This is more consumers than use any other medium, including local TV, local cable, streaming video, social media, online audio, and newspapers.

Reach, though, is only one component used to calculate ratings.  The other metric that contributes to the rating formula is the time spent using each medium. So, although for the past 10 years, AM/FM radio's reach has been significantly higher than the reach of local TV, consumers spent considerably more time watching TV. As a result of the math, TV has enjoyed higher ratings than radio.

For the first time, however, AM/FM radio ratings have exceeded local TV ratings by three percent among the key advertising demographic of 18-49-year-olds, according to Nielsen's Total Audience Data for the third quarter of 2023.

In the Tampa Bay area, there are 1,243,935 18-49-year-olds, the majority of whom are millennials, a generation that now accounts for nearly one-third of all retail spending.

Tampa Bay radio reaches more local consumers each week than any other advertising medium.

According to Nielsen, 2,226,951 adults tune in to their favorite AM/FM stations every week.  This is significantly more consumers than are reached by Tampa Bay TV, cable, streaming video, streaming audio, social media, or newspapers.

AM/FM radio's dominance among local consumers is driven, in large part, by the 2.5 million Tampa Bay area adults who take to the road in their car or truck every week, according to Neilsen.

Over the next 12 months, according to Nielsen, 337,945 Tampa Bay area households plan to buy furniture and mattresses. Based on a per capita forecast from Furniture Today, these expenditures will total $1.29 billion during 2023, a $23.5 million dollar increase over 2022.

Although the forecast growth of furniture and bedding sales is expected to moderate a bit versus 2021, what retailer would not want to grab a share of the multi-million dollar category growth this year?

To capture a bigger share of the increased spending on chairs, couches, beds, tables, and mattresses will require local stores to invest in marketing. And according to most key metrics, the best way to reach local furniture buyers is with advertising on Tampa Bay radio.

Tampa Bay area construction companies will need to recruit 5,580 more workers in 2023 in addition to the normal pace of hiring. This forecast is a per capita estimate based on research from Associated Builders and Contractors (ABC).  

The frenetic pace of recruiting construction workers in Tampa Bay is expected to extend into 2024, with an incremental 3,311 workers needed next year, as well, in addition to the normal pace of hiring.

Overall, the demand for construction workers in America has been increasing at an epic rate.

According to ABC, the construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, and the industry unemployment rate of 4.6% in 2022 was the second lowest on record, higher than only the 4.5% unemployment rate observed in 2019. In addition, national payroll construction employment was 231,000 higher in December 2022 than in December 2021.

Right now, filling open jobs at any Tampa Bay company is a struggle.

A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.

Right now, says the Federal Reserve,  unfilled jobs remain near an all-time with 1.7 openings per unemployed person.  As a result, only one person is being hired per every four job openings.  To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.

Compounding the recruitment woes of Tampa Bay's small business owners is the very stubborn quit rate.  According to the Federal Reserve, for every ten hires made, seven current employees quit. 

So, how can local builders and contractors fill the open jobs at their companies? Most metrics indicate that advertising on Tampa Bay Radio may be the best way.