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 area business owners are expected to spend $1-billion advertising online in 2022. This, according to Borrell Associates, a company that tracks advertising expenditures across the country.

Borrell's forecast indicates that almost 50% of Tampa Bay's online expenditures will be in the form of paid search. The most recognizable type of this advertising is the paid ads that appear adjacent to the results of almost every search query on Google, Yahoo, and Bing.

Borrell's forecast also indicates that approximately 27% of online expenditures will be in the form of display advertising. This consists of traditional banner ads that appear across millions of websites and apps, including social media platforms like Facebook and Instagram. According to SmallBizGenius.net, the average Tampa Bay area consumer is served more than 1700 of these ads per month.

Video advertising in Tampa Bay is forecast to account for 21% of all online ad dollars in 2022. Like search and display, millions of websites can support this type of advertising. This includes sites, apps, and platforms like YouTube, Roku Channel, Hulu, Paramount+, and most social media sites.

The remainder of online advertising dollars is expected to be spent on audio advertising, including streaming sites like Pandora and Spotify; or email marketing campaigns.

Attention Tampa Bay small business owners and retailers: nearly half of holiday shoppers are already spending money. According to the National Retail Federation, 49% of consumers will start their Christmas season shopping before Hallowe'en. 

Consumers plan to spend $997.73 on gifts, holiday items, and other non-gift purchases for themselves and their families this year, according to the annual survey released today by the NRF and Prosper Insights & Analytics.

In all, based on forecasts from Deloitte, the world's largest accounting firm, Tampa Bay consumers are expected to spend between $12.9 and $13.2 billion during the holiday shopping period. This would be a 7-9% increase over 2020.

"We anticipate strong consumer spending for the upcoming holiday season. As vaccination rates rise and consumers are more comfortable being outside of the home, we are likely to see increased spending on services, including restaurants and travel, while spending on goods will continue to hold steady. A steady decline in the savings rate to pre-pandemic levels will support consumer spending and keep retail sales elevated this season," said Daniel Bachman, Deloitte's U.S. economic forecaster. "Further, e-commerce sales will continue to grow as consumers demonstrate an ongoing and steady movement toward buying online across all categories."

Tampa Bay retailers are noticing that the opening bell for holiday shopping has rung earlier than ever for local shoppers.

There are 435,400 school-aged children in the Tampa Bay area.  Based on forecasts from the National Retail Federation (NRF), local parents are expected to spend a record $376.7 million to prepare these kids to return to the classroom this fall. 

Overall, the NRF expects back-to-school shoppers to spend almost 10% more in 2021 than they did last year.

“The pandemic forced parents and their school-aged children to quickly adapt to virtual learning, and they did it with an incredible amount of resolve and flexibility,” NRF President and CEO Matthew Shay said. “We enter the new school year with plans to return to the classroom and retailers are prepared to help Americans find and purchase whatever they need to make this transition as seamless as possible.”

According to the NRF, more than 51% of parents have already started buying for their K-12 students.  But, for Tampa Bay business owners there is still time to benefit.

The NRF reports that nearly 76% of K-12 shoppers are still waiting on lists of school supplies needed. On average, consumers have only completed 18% of the shopping.

Advertising is crucial to the success of Tampa Bay business owners. According to Investopedia, "lack of adequate marketing and publicity are among the issues that drag down small business".

According to Borrell Associates, a company that tracks advertising trends across the country, Tampa Bay business owners are expected to spend $1.9 billion to advertise the goods and services they sell. This represents a 6.9% increase versus last year.

The majority of these dollars are being spent by Tampa Bay business owners to capture a significant share of the $46.3 billion dollars local consumers will be spending this year. These estimates are based on a revised forecast from the National Retail Federation (NRF).

Of course, there is an over-abundance of ways a local business owner can advertise. Perhaps the best way to generate sales from local consumers is with Tampa Radio. Here are the top five reasons why...

There are 637,624 millennials in the Tampa area.  The oldest of them turn 40 this year. According to The Pew Research Center, millennials comprise the generation of Americans born between 1981 and 1996.

As a consumer group, millennials account for an outsized percentage of retail spending. This generation represents 24.7% of the Tampa area population but almost one-third of metro-area sales. 

All in, Tampa Bay millennials are expected to ring up more than $20.5 billion in purchases during 2021.  You name it, millennials are planning to buy it.

According to Nielsen, over the next 12 months, Tampa Bay millennials will show up in huge numbers at auto dealerships, furniture stores, mattress stores, appliance stores, home improvement stores, and scores of other area retailers and service providers.

There are 47 radio stations with listeners in Tampa Bay. Each provides a unique format of news, sports, music, entertainment, and inspiration. Some stations broadcast in English. Others serve Spanish speakers. Some stations cater to millennials. Others appeal to Baby Boomers.  No doubt, there is a local radio station that fulfills the preferences of every listener.

Each week, according to Nielsen, 2.2 million adults tune-in to their favorite Tampa radio stations. This is more people than watch local TV, cable, or streaming channels. This is more than use Facebook and Instagram. This is more than read newspapers or connect to Pandora and Spotify. 

Despite the abundance of Tampa radio stations to choose between, Nielsen reports that, on average, adult consumers only listen to 2.8 each week.  So, which stations do local consumers choose?

Now would be a good time for Tampa Bay small business owners to consider increasing their advertising expenditures.

There are just over 123,000 small businesses in the Tampa-St. Petersburg-Clearwater, FL Metro Area, according to the U.S. Census Bureau.  Based on some promising retail sales data, the Overall  Sentiment Index among local small business owners has improved 31.25% between April 26 and October 12 of this year.

The best news for business owners came from the Commerce Department on Friday when it reported that retail sales rose by a seasonally adjusted 1.9% in September.  This is the fifth straight month of gains.

Local retail gains are being powered by improving consumer confidence and a large pool of cash sitting in people's savings accounts.

The Conference Board's Consumer Confidence Index jumped to 101.8 in September, up 17.9% from August. This means consumers are in the mood to spend. Fortunately, they have money in the bank to do so.

Tampa Bay shoppers are expected to spend over $11.6 billion during this year's November-January holiday season. This estimate is based on a forecast issued last week by Deloitte, the world's largest business accounting firm.  This spending represents a 1-1.5% increase  versus the same period last year.

How can Tampa Bay small business owners best compete for a significant share of the 2020 holiday expenditures?

"Retailers who prioritize customers’ desires for a safe, efficient shopping journey will be the big winners this year," writes Sean Gundz on www.ChainstoreAge.com.

"The holiday season is always a stressful time for retailers, especially the ones that make the majority of their revenue in the short window between Thanksgiving and Christmas," says Mr. Gundz. 

"Within this window is Black Friday, which, along with other big holiday sales events, are going to look a lot different this year. Retailers must accommodate COVID-19 mandates that enable social distancing, minimize surface touching, and actually restrict foot traffic in their facilities. All while trying to optimize sales."

Mr. Gundz says there is no single way to deal with the challenges facing retailers this holiday season. He does offer five tips, though, that every Tampa Bay retailer can employ.

Tampa Bay consumers are expected to spend $86 million on Halloween related activities in 2020, according to information from the National Retail Federation.  This would be a slight 2.3% decrease from 2019. This is proof of the holiday's strong resistance to the pressures of a pandemic economy.

Based on data from the NRF's annual survey conducted by Prosper Insights & Analytics, more than 1.5 million Tampa adults plan to participate in Halloween-related activities. Among those celebrants, safe at-home activities ranked highest: 53 percent plan to decorate their homes, 46 percent plan to carve a pumpkin, and 18 percent will dress up their pet.

“Consumers continue to place importance on celebrating our traditional holidays, even if by untraditional standards,” NRF President and CEO Matthew Shay said. “Retailers are prepared to meet the increased demand for seasonal décor, costumes, and other items that allow families the opportunity to observe Halloween safely.”

To earn a large share of Halloween spending in 2020, Tampa Bay small business owner will need to advertise to let consumers know their stores are open, stocked, and ready. By any metric, advertising on Tampa radio is the best way to reach holiday shoppers.