Tampa Bay business owners who sell goods and services related to Halloween can expect far more treat than trick this year.
Based on estimates from The National Retail Federation (NRF), Tampa Bay consumers are expected to spend a record $102,960,877 on Halloween. This would be 19.3% more than was handed out in 2020.
The NRF estimates that 65% of consumers intend to celebrate Halloween or participate in Halloween activities this year, up from 58% in 2020 and comparable with 68% in 2019 before the COVID-19 pandemic.
The top ways consumers are planning to celebrate include handing out candy (66%), decorating their home or yard (52%), dressing in costumes (46%), carving a pumpkin (44%), and hosting or attending a party (25%).
Tampa Bay small business owners looking to scare up a share of this Halloween cash will need to advertise to drive local consumers to their stores and websites. But, to make a difference, advertising needs to begin right away.
"This year consumers are shopping for Halloween items earlier than ever," says the NRF, "with 45% planning to shop in September or earlier and another 39% during the first two weeks of October."
Of all the advertising options available to Tampa Bay business owners, perhaps the best way to reach Halloween shoppers is on Tampa radio.
Every week, Tampa radio reaches more adult consumers than any other medium.
According to the NRF, households with children are expected to spend more than twice as much on Halloween than households without children. Advertising on Tampa Bay radio is the best way to reach these consumers.
Every week, Tampa Bay radio reaches more consumers with children living at home than all other local advertising options.
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Local business owners who cater to pets and pet owners will also benefit from advertising on Tampa Bay radio.
According to the NRF, 20% of consumers plan to spend money on dressing up their pets this year. In addition to being the best way to reach households with children, advertising on Tampa Bay radio is also the best way to reach local pet owners.
Not only is Tampa radio the best way to reach households with children and with pets, but advertising on local radio also provides business owners with a strong return-on-investment (ROI).
Over the past few years, Nielsen has conducted more than 20 studies to determine how many additional dollars in sales could be achieved for every dollar invested in radio advertising. On average, the businesses studied generate $10,000 in sales lift for every $1000 spent. The ROI, therefore, was of 10-to-1.
Between April 30 and May 27 of last year, the darkest days of the pandemic, Nielsen analyzed the sales results of a retailer who conducted an advertising campaign during that period using both radio and TV.*
According to Nielsen, the retailer experienced a 6.2% increase in sales growth during the campaign period. The majority of the increase came from households where consumers were exposed to the advertising campaign.
According to Nielsen, people exposed to only the retailer's radio commercials represented only 20% of all advertising impressions. However, these same consumers were responsible for 42% of the sales increases.
Here is the bottom line of this study. The retailer earned a $28,000 increase in sales for every $1000 spent. A 28-to-1 return-on-advertising-investment.
AdAge, a trade magazine for advertising professionals, calls these types of returns "eye-popping." The magazine goes on to say radio's ROI is superior to commercials on TV, online, and social media.
*Study commissioned by Cumulus | Westwood One
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