Earlier this year, based on projections from The National Retail Federation, Fort Myers area consumers were expected to spend more than $16.3 billion at retail this year, a 6.5% increase versus 2020. New data, however, indicates spending will be remarkably higher.

The NRF revised its data this month, and now expects annual growth of 10.5% to 13.5%. Based on these revisions, the Fort Myers area retail economy could now top $17.2 billion. Excellent news for Southwest Florida small business owners.

“The economy and consumer spending have proven to be much more resilient than initially forecasted,” NRF President and CEO Matthew Shay said. “The combination of vaccine distribution, fiscal stimulus, and private-sector ingenuity have put millions of Americans back to work. While there are downside risks related to worker shortages, an overheating economy, tax increases and over-regulation, overall households are healthier, and consumers are demonstrating their ability and willingness to spend. The pandemic was a reminder how essential small, mid-size and large retailers are to the everyday lives of Americans in communities nationwide.”

To put in historical context for Fort Myers-Naples small business owners, Mr. Klenhenz noted that he anticipates the fastest growth the U.S. has experienced since 1984. The reopening of the economy has accelerated much faster than most had believed possible a year ago.

To capture the largest possible share of spending growth, local retailers will need to advertise. By the most crucial marketing metrics, the best best way to reach area consumers is by advertising on Fort Myers radio.

A surge in pet adoptions and sales during the pandemic has increased the number of pet owners in the Fort Myers-Naples-Cape Coral area to 461,323, according to Nielsen.

As a result, the amount of money that will be spent in Southwest Florida during 2021 on domestic dogs, cats, birds, ferrets, and other cuddly creatures will achieve a record-high $412 million. These figures are based on recent forecasts from The American Pet Products Association (APPA),

“We have reached a critical milestone in 2020, generating $103.6 billion in sales [in the U.S.],” said Steve King, President, and CEO of APPA. “We are bullish for the coming year, projecting growth of 5.8% - well above the historical average of 3 to 4%."

SWFL pet owners will be spending in four ways:

1. Food & Treats which includes everything from canned and bagged food to biscuits and chewies.
2. Veterinary Care and Product Sales which includes routine veterinary care, surgical procedures, and sales of pharmaceuticals and other products through veterinary clinics
3. Supplies, Live Animals, and Over-The-Counter Medications which, in addition to dogs and cats. includes fish, birds, small animals, and reptiles. This also includes cages, food and water bowls, as well as leashes and collars.  OTC includes medications for allergy relief, gastric distress, and oral hygiene.
4. Other includes services such as boarding, grooming, and pet sitting.

To capture a significant share of the local pet economy, local business owners who provide these four types of goods and services will need to advertise.  By almost any marketing metric, the best way to reach pet owners is by advertising on Fort Myers radio.

There are 171,080 millennials in the Fort Myers-Naples 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 17.7% of the Fort Myers area population but almost one-third of metro-area sales. 

All in, Southwest Florida millennials are expected to ring up more than $7.9 billion in purchases during 2021.  You name it, millennials are planning to buy it.

According to Nielsen, over the next 12 months, Fort Myers-Naples 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.

Every week, according to Nielsen, 89% of adult consumers tune in to a Fort Myers radio station. This is significantly more people than watch broadcast TV, local cable, or video streaming services. It's more than use social media sites like Facebook or Instagram.  And, it's more than read local newspapers.

Fort Myers radio is also the medium with the greatest reach among millennials, a generation that not only has embraced an abundance of online media options but also accounts for nearly a third of all local consumer spending.

This reach advantage is a crucial reason why Southweat Florida small business owners depend on Fort Myers radio to market their goods and services.

A study released this week by Edison Research and NPR discovered that their six distinct types of radio listeners. The study also examines how each group of listeners engages with both programming and advertising.  These distinctions are important for Fort Myers small business owners to understand.

The six listener categories as described in the study are:

Now is a crucial time for Fort Myers small business owners to advertise.  

According to the Conference Board, consumer confidence has surged to 110, the highest it has been since the onset of the pandemic last March.  The index has bounced back from a low of 89.6 in February. 

Moving forward, Southwest Florida business owners can expect buyer optimism to remind high.

“The recovery in consumer confidence is set to continue in the coming months, buoyed by the combination of improving health conditions and wider vaccine distribution,” said Lydia Boussour, lead U.S. economist at Oxford Economics. “This should support hearty consumer spending and pave the way for a mini-boom in economic activity this spring and summer.”

As Fort Myers consumers gain confidence, they are expected to unleash the record $4.9-billion in personal savings amassed during the pandemic. This number is based on figures reported by Barron's in November. 

This combination of consumer confidence and the cache of cash-on-hand has led the National Retail Federation (NRF) to forecast a 7% increase in retail spending in 2021 versus last year.

To claim a significant share of the expected spending tsunami, Fort Myers business owners plan to boost advertising investments this year.

According to Borrell Associates, a company that tracks advertising trends across the country, Fort Myers business owners are expected to spend $607-million to advertise the goods and services they sell. This represents a 7.0% increase versus last year.

In 1939, when WFTM-AM became the first radio station in Southwest Florida, many believed the medium was a fad.  Two years before, a hit song by George Gershwin, Our Love Is Here To Stay, considered radio to be a "passing fancy and in time may go".

Fort Myers radio, however, has survived the advent of talking-movies, television, eight tracks, and cassettes in stereo.  More recently, radio has withstood a tsunami of digital options including, YouTube, SiriusXM, Pandora, and Spotify.

As the Coronavirus pandemic rolls over into a second year, Fort Myers radio has hung tough and not ceded its ground despite listener's shifting lifestyles.  This is crucial news for local small business owners who depend on local stations to market their goods and services.

Since 1940, advertising on Fort Myers radio has helped small business owners survive and thrive during times of peril. This includes world wars, natural disasters, depressions, and recessions.

Even during a pandemic, by almost every key marketing metric, radio advertising remains the best way for a Southwest Florida business to market its goods and services.

To prove the point, here are five statistics that vividly demonstrate the value of advertising on Fort Myers radio.

Fort Myers radio reaches more area adults every week than any other medium. During a typical seven-day period, according to Nielsen, 854,073 local consumers tune-in to their favorite AM and FM stations. This is significantly more than those who watch broadcast television, subscribe to pay-TV, browse social media, read a newspaper, or stream music from Pandora and Spotify.

Radio's omnipresence in the life of Southwest Florida consumers is remarkable considering today is the medium's 100th birthday.

Despite all of the media options available for small business owners to market their goods and services, advertising on Fort Myers radio is still the best way to reach local consumers.

Adult consumers are spending 741 minutes per day consuming electronic media, according to a new study by Nielsen.  This is 7.8% more time than they spent last year and 11.2% more than in 2018.

The typical daily media diet consists of radio, live TV, time-shifted TV, DVD/Blue-ray devices, game consoles, internet-connected devices, as well as internet via computers, smartphone apps, and tablet apps.

According to Nielsen, despite all of these media options, local radio reaches the most consumers every week.

Southwest Florida small business owners may perceive the continuation of advertising as a luxury right now. This is especially so when compared to the necessity for covering the costs of utilities, inventory, payroll, and rent.

Before pulling the plug, though, business owners from Marco Island to Cape Coral must consider the consequences of 'going dark', a marketing term which means to stop advertising.

"According to our analysis, short-term decisions to go dark create significant risk for long-term revenue," says Ameneh Atai, Senior Vice President of Commercial Strategy at Nielsen. "This affects both incremental revenue and base sales."

"Our database of long-term effects models suggests that cutting ad spending for the rest of 2020 could lead up-to 11% revenue decrease in 2021," says Ms. Atai. "It could take three to five years of solid and consistent brand building to recover from an extended dark period of media."

"We have a ton of evidence in our historical analysis," adds Nielsen's Tsvetan Tsvetkov, Senior Vice President of Agency and Advertiser Solutions. "Companies that step away from advertising efforts for a period of time, whether it's a couple of quarters or a full year or longer lose the momentum they have built over time the minute they stop. To recover takes a long, long time."

To avoid the economic risks of going dark, local small business owners need to make sure every dollar spent on advertising produces solid returns.  By most marketing metrics, advertising on Fort Myers radio could prove to be the best option.