Advertise In Philadelphia Advertise In Philadelphia

Philadelphia Consumers Still Spending Despite Economic Sentiment

Aug 8, 2022 10:53:12 AM / by Larry Julius

Local consumers may have a gloomy feeling about economic conditions, but their spending has not tapered. This is good news for the 238,328 small business owners in the Philadelphia area.

According to the latest University of Michigan's Survey of Consumers, sentiment about current economic conditions remains near the all-time low. Concerns about volatile gas prices, rampant inflation, and a looming recession have driven the survey's index down 37% versus a year ago.

Despite these dim consumer sentiments, the U.S. Bureau of Economic Analysis's July report shows that real personal consumption expenditures are pacing well above pre-Covid levels. According to Morgan Stanley research, consumers' ability to spend is being driven, in part, by a massive amount of excess savings accumulated over the course of the pandemic.

Earlier this year, based on per capita spending data from the National Retail Federation (NRF). Philadelphia consumers were forecast to spend nearly $82 billion at retail this year. The current level of spending suggests that shoppers are on track to hit that number.

Of course, for local business owners to successfully compete for a share of this record spending requires marketing. By most key marketing metrics, the best way to advertise is on Philadelphia radio. This is especially true among business owners who must limit the number of marketing channels that can be used because of economic restraints.

Of all media, advertising on the radio provides the greatest return on investment.

Read More

0 Comments Click here to read/write comments

Topics Best Way To Advertise, roi, recession, consumer spending, radio advertising, reach, reach and frequency, consumer confidence, advertising reach, advertising roi, inflation

Advertising In Philadelphia During A Time Of Inflation

Jan 27, 2022 9:41:25 AM / by Larry Julius

The current high rate of inflation is tempering how much Delaware Valley business owners can spend on advertising.

According to the U.S. Census Bureau, there are approximately 230,00 small businesses in the Philadelphia area. There is one thing each of the owners of these companies has in common, whether they own a hardware store in Bucks County, a furniture store in Cherry Hill, or a restaurant in Bryn Mawr. They are all experiencing the negative consequences of inflation.

In a monthly survey conducted by the National Federation of Independent Business Owners (NFIB), inflation now ranks second as the single most important problem companies face. A year ago, inflation was barely an issue.

Inflation has not hampered the enthusiasm to spend among Philadelphia area consumers keeping retail sales hovering above pre-Covid levels. But, inflation is taking a dramatic toll on the amount of revenue business owners can keep.

According to the U.S. Chamber of Commerce, small business owners see inflation-fueled price increases in almost every cost of operation, including inventory, utilities, rent, and wages.

Because of these rising operational costs, Philadelphia business owners are looking to cut expenses where they can, including advertising expenditures. But, because there is still robust consumer demand for goods and services, these companies need to make sure that the amount they do invest in advertising has the best return possible.

By almost any marketing metric, advertising on Philadelphia radio provides the greatest return-on-investment (ROI) of any medium available to local business owners.

Read More

0 Comments Click here to read/write comments

Topics Delaware Valley Small Business Owner, Philadelphia Small Business Owner, Small Business Advertising, best time to advertise, small business owner, radio advertising, advertising on a budget, small business marketing, best way to advertise in philadelphia, advertising options, inflation

Get Advice Direct To Your Inbox

New call-to-action

Recent Posts