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Detroit Retailers Prepare For $468 Million Back-To-School Season

Jul 23, 2020 7:03:42 AM / by Larry Julius

Based on projections from the National Retail Federation, Southeast Michigan parents are expected to spend $468 million to equip K-12 kids for the upcoming school year. If so, then this shopping spree will be 29% bigger than last year's and the biggest take since 2012.

“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall whether they are in kindergarten or college,” NRF President and CEO Matthew Shay says.

“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room, or a combination of the two. But they do know the value of an education and are navigating uncertainty and unknowns so that students are prepared."

Along with pencils, paper, pens, and knapsacks, the NRF survey says 63 percent of K-12 families expect to buy computers and other electronics this year, up from 54% last year, and they expect to spend more at an average $274.44, up from $203.44 last year. The $71 difference accounts for the largest share of the overall increase in average spending of almost $93.

Also, because many parents are unsure if learning will take place at school or at home, back-to-school spending this year is expected to include home furnishings such as desks, chairs, and lamps.

To claim a meaningful share of this year's booming back-to-school economy, local retailers will need to advertise to let parents know that their stores are open, it is safe to shop, and the needed supplies are in stock.

By any metric, the best way to reach these parents is on Detroit radio.

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Topics millennials, radio advertising, retail, store traffic, retailer, retail sales, retail store, advertise on radio, back-to-school, millennial parents

Advertising In Detroit: Consumers Will Pay More For Sustainable

Jul 14, 2020 7:02:00 AM / by Larry Julius

This year, according to Nielsen, 3.5 million Metro Detroit consumers will spend $1.9 billion on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.

Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.” 

For Southeast Michigan small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.

"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."

To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.

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Topics small business, millennials, small business owner, radio advertising, retail, retailer, retail sales, retail store, advertise on radio, small business marketing, small business advertising, green products, sustainable, eco-friendly

Does Cable TV Advertising Make Sense For Detroit Small Business Owners?

May 12, 2020 12:52:26 PM / by Larry Julius

Pay-TV is struggling to survive COVID-19.

Before the onset of the pandemic, Nielsen reported that 69% of Southeast Michigan area households received their television programs from cable systems, telephone companies, or satellite operators.  That number, however, is plummeting.

Pay-TV providers in the Detroit area include Xfinity, Dish, AT&T TV, Spectrum, and DirecTV.

"Cord-cutting, people dropping their cable and satellite TV subscriptions, pre-dates the onset of Covid-19. But the pandemic is exaggerating the trend, creating deeper issuers for programming that relies on those services for distribution," Eric Savitz wrote last week in Barron's.  This includes non-premium services like ESPN, TBS, TNT, USA, CNN, and Discovery.

"LightShed Partners analyst Richard Greenfield counts a loss of 1.96 million subscribers to cable, satellite TV, and virtual cable services combined in the first quarter," Savitz continued. "This is the worst combined quarterly drop ever, down 6% from a year ago."

Greenfield said in an interview with Barron’s that what is especially sobering is that most of the first quarter activity pre-dated the virus. The numbers are likely to get considerably worse in the second quarter.

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Topics television, small business, millennials, small business owner, television advertising, radio advertising, best way to advertise, pay-TV, cable TV, dish network, xfinity, direcTV, spectrum

Advertise In Detroit: Reaching Millennial Parents

Mar 31, 2020 7:28:30 AM / by Larry Julius

How quickly the millennials have grown up.

According to Nielsen, 61% of all Detroit area parents with children under the age of 18 are millennials.  

From the time their kids are born until they reach they are 17, these young parents will spend, on average, $233,000 per child. This does not include the cost of college.

Currently, there are 993,688 children under the age of 18 living in Metro Detroit. That makes the local millennial-parenting economy worth upwards of $231 billion. These dollars are being spent, among other things, on diapers, daycare, transportation, toys, education, electronics, clothing, and health care.

For Southeast Michigan small business owners interested in competing for a substantial portion of this multi-billion dollar pool of parental cash, they must advertise to millennial moms and dads. By almost any measurement, advertising on Detroit radio is the best way to reach this audience.

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Topics small business, millennials, small business owner, television advertising, radio advertising, best way to advertise, social media advertising, facebook advertising, pandora, spotify, online advertising, streaming audio, parents, working mothers, children

Metro Detroit Retail Boom: How Your Small Business Can Benefit

Feb 29, 2020 8:02:00 AM / by Larry Julius

Retailers in Southeast Michigan rang-up $78,314,821,000 in retail sales last year, according to Nielsen. But wait. It's about to get better.

The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $3.2 billion for local small business owners.  

“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.

To claim a fair share of this enlarged pool of spending will require Metro Detroit small business owners to advertise.

“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.”  

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Topics small business, millennials, small business owner, television advertising, radio advertising, best way to advertise, reach, consumer spending, social media advertising, facebook advertising, pandora, spotify, digital advertising, newspaper advertising, online advertising, retail, store traffic, retailer, retail sales

Do Millennials Listen To Detroit Radio?

Feb 25, 2020 3:11:06 PM / by Larry Julius

It's time to set some misguided Southeast Michigan small business owners straight: When we say everybody listens to Detroit radio stations, we mean everybody.  Generations X, Y, and Z. Also, Boomers, and, yes, the millennial generation.

You know...millennials. Those are the "kids" who came of age at the turn of the millennium (which is, debatably, either 2000 or 2001).  This means 18-34 year olds. 

In Metro Detroit, 970,000 millennials make-up 29% of the adult population and will deliver $24.4 billion to local cash registers.

But here's the thing about millennials that many Michigan small business owners get wrong: millennials listen to the radio.  Almost all of them. 91.6% of them, to be exact.

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Topics small business, millennials, small business owner, television advertising, radio advertising, generation y, social media advertising, facebook advertising, pandora, spotify, digital advertising, newspaper advertising, online advertising

Advertising On Detroit Television vs. Local Radio

Feb 24, 2020 7:18:22 PM / by Larry Julius

There is alarming news for small business owners who advertise on Detroit television stations: broadcast TV viewers are disappearing at a rapid pace.

Nielsen reports that halfway through the first quarter of this year, the number of people using television has dropped 7.5%. This compares to -6.3% in the fourth quarter of 2019, and -7.0% a year ago,

"If the trend holds, it would represent the largest quarterly decline for TV viewership in our data set," explains UBS analyst John C. Hodulikadding. "Trends have worsened across most age demos with persons 25-34 now falling -17% vs. low double-digit declines throughout 2019. The persons 55+ demo continues to trend down -2%, similar to 2019 (the first year of declining ratings for the demo)."

Radio listenership, on the other hand, has remained quite stable, according to Nielsen. Since 1970, the medium has reached more than 9-in-10 consumers every week.

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Topics television, small business, millennials, media usage, frequency, small business owner, television advertising, radio advertising, best way to advertise, reach, consumer spending, branding, generation y, generation x

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