Local consumers may have a gloomy feeling about economic conditions, but their spending has not tapered. This is good news for the 30,689 small business owners in the Southwest Florida 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). Fort Myers consumers were forecast to spend nearly $18.8 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 Fort Myers 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.

Every week, according to new Nielsen data, 862,392 adults tune in to a Fort Myers radio station. This is more consumers than use social media, access local cable, watch broadcast TV, stream video channels, listen to streaming audio, read a newspaper, or download a podcast.

Based on per capita estimates from the National Retail Federation (NRF), Fort Myers consumers are expected to spend between $18.8 and $19.2 billion at retail in 2022, a six to eight percent growth over the previous year. Utilizing radio's enormous advertising reach, local business owners can compel shoppers to spend this large pool of cash in their stores and on their websites.

The number of consumers reached is critical to the success of an advertising campaign.

According to a Nielsen study, after the actual content of the commercial message itself, reach is the most potent advertising element that can drive sales. Reach is more important than brand, recency, or even context. Fort Myers radio provides local business owners with the most significant reach among consumers.

Eighty-four percent of all adults say they will celebrate Mother's Day in 2022. Based on per capita forecasts from the National Retail Federation (NRF), Southwest Florida consumers are expected to spend $119 million on the moms in their lives. This is a 13% increase over last year.

“Consumers are eager to find memorable ways to honor their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” said NRF President and CEO Matthew Shay.

The NRF spending projections indicate that Fort Myers-Naples-Cape Coral consumers will spend $26.3 million on jewelry and another $19.9 million on special outings such as dinner or brunch. This will be the highest level of Mother's Day spending ever in these categories.

Here is how this large pool of Mother's Day cash in Fort Myers is expected to be distributed by all retail categories.

The NRF research indicates that men will outspend women 3-to-1 this year on Mother's Day gifts. Most of these dollars will go towards presents for their moms, stepmoms, and wives.

Of all the money spent, SWFL consumers are expected to spend 36% online, 30% at department stores, 27% at specialty stores, and 23% at local small businesses.

To compete for a share of record-high Mother's Day spending this year, local business owners will need to advertise. By most key marketing metrics, the best way to reach holiday shoppers is by advertising on Fort Myers radio.

Southwest Florida consumers are expected to spend close to $19.2 billion at retail in 2022, based on per capita spending estimates from the National Retail Federation (NRF). This would be an eight percent increase versus 2021.

To capture significant shares of the increased retail spending, the 30,689 small business owners in the SWFL area would typically invest in advertising. Persistent and pernicious inflation pressures, however, are starting to gnaw away at marketing budgets.

According to the National Federation of Independent Business Owners (NFIB), businesses cite inflation as their number one problem. For many Fort Myers business owners, uncontrollable wholesale, transportation, and labor costs are forcing retailers to raise the prices they charge their customers. But, for many retail products, inflated retail prices can drive customers away. 

To limit consumer price increases and still make a profit, Fort Myers-Naples-Cape Coral area business owners, then, are forced to cut expenses, including advertising and marketing. This means it is now imperative that the limited investments retailers can make in advertising must deliver the strongest returns possible. 

According to a recent study by Nielsen, advertising on Fort Myers radio can provide the best return on investment (ROI) for local retailers.

Attention Southwest Florida 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, Fort Myers area consumers are expected to spend between $4.8 and $4.9 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."

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

Southwest Florida consumers are on track to spend more than $17.2 billion at retail this year, based on projections by the National Retail Federation (NRF). Spending is expected to be 13.5% higher than last year.  

Some SWFL small business owners, though, are wondering if the spread of the Delta Variant may slow spending if consumers sense pressure on their own financial security. Shoppers, however, don't see it that way.

New research from Nielsen indicates that 82% of consumers believe their household finances will either remain the same or improve during the upcoming months.

The Nielsen study has another finding that Fort Myers area business owners will find promising. Consumers are more likely to shop locally than they did before the onset of the pandemic, although in different ways.

Southwest Florida 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), Fort Myers consumers are expected to spend a record $38,190,461 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%).

Fort Myers 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."

To maximize success, every Southwest Florida business owner needs to advertise.

"Think you have a great product?" asks the US Small Business Administration. "Unfortunately, no one’s going to know about it unless you advertise.”

The SBA goes on to say, “Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business.”

According to the US Census Bureau, there are 51,360 small businesses in the Fort Myers area. This geography includes Fort Myers, Cape Coral, Immokalee, Naples, San Marco Island, and every point in between.  Most of these diminutive companies have limited dollars to invest in advertising.  

Advertising successfully in SWFL is achievable, though, with a small budget if the available funds are invested wisely.  Oftentimes, this means selecting one medium rather than spreading money over several.

So which medium makes the most sense for small business owners with limited budgets? By most key advertising metrics, advertising on Fort Myers radio is the best option.

Advertising is crucial to the success of Southwest Florida 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, SWFL business owners are expected to spend $607 million to advertise the goods and services they sell. This represents a 7% increase versus last year.

The majority of these dollars are being spent by Fort Myers-Naples area business owners to capture a significant share of the $17.2 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 Fort Myers radio. Here are the top five reasons why...

Retail spending in Southwest Florida is expected to reach $17.2 billion this year, a 13.5% increase versus 2020. These estimates are based on a revised forecast from the National Retail Federation (NRF).

Since 1940, when WFTM-AM signed on as the first station in Fort Myers, local business owners have depended on radio advertising to help market their goods and services to SWFL consumers.  But has the Coronavirus pandemic altered the medium's ability to deliver customers to ring up sales for local retailers?

Two critical marketing metrics indicate that advertising on Fort Myers radio remains the best way for a small business to advertise.

The first measurement is reach. This is the number of different consumers who are exposed to an advertising campaign.

The second measure is return-on-investment (ROI). This is the amount of sales a business can expect for every one dollar invested in advertising.

Based on these metrics, here is how advertising on Fort Myers radio measures up to other options available to local small business owners.