In 2019, local consumers in the Tampa area spent $1.3 billion on furniture and home furnishing. This number is expected to grow.
Based on estimates developed by Furniture Today’s Strategic Insights team and Easy Analytic Software Inc. (EASI), the total furniture and bedding market is projected to expand by more than 22% by 2024.
If a Tampa Bay small business owner who sells furniture, furnishings, or home decor would like to grab a larger share of this expanding market, then advertising is necessary. By almost every key metric, advertising on local radio is a sound marketing investment.
Every week, Tampa radio reaches 92% of consumers who are planning to purchase furniture over the next 12 months. This is significantly more than are reached by local television, newspapers, social media, or audio streaming sites like Pandora and Spotify.
According to Furniture Today, millennials now dominate this retail sector accounting for 42% of furniture buying households. This is up from 35% two years ago.
When it comes to advertising to millennials in Tampa Bay, local radio reaches more members of this generation, by a wide margin, than all other media.
According to Ibis World, consumers are more likely to engage in furniture purchases when moving into new houses or condominiums.
Among those Tampa Bay consumers planning to purchase a new home during the next 12 months, substantially more are reached by radio than other local media options.
In addition to providing superior reach among the most likely furniture buyers in Tampa Bay, local radio has proven to deliver the highest return-on-investment among advertising options available to local small business owners.
Over the past few years, Nielsen has conducted more than 20 studies to determine how much ROI a business owner could expect when advertising on radio. In every case, radio’s ROI was, in the words of Advertising Age, “eye-popping.”
The studies concluded that, on average, radio advertising delivers $1000 in sales for every $100 invested.
Advertising Age goes on to say, when executed correctly, radio advertising can deliver a greater ROI for a local business than investing in TV, digital, or social media ads.
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