KATZ ANALYSIS OF MEDIA MONITORS DATA FINDS JEWELERS SAY "I DO" TO RADIO
The National Retail Federation predicts that Valentine's Day sales will hit $25.9 billion this year, with consumers spending an average of $193 on purchases. Jewelry is a top 5 gift for Valentine's Day celebrants, so is no wonder that jewelry stores are hitting the airwaves, looking to influence where lovestruck consumers spend their dollars.
Katz analyzed radio and television data in Media Monitors for jewelry retailers across the U.S. and found evidence of an undeniable love affair with AM/FM radio. Looking at ad instance data from January 1st through February 1st of this year, more than two-thirds of jewelry stores currently advertising (70%) are relying on radio's mass reach & influence to engage with consumers in the weeks leading into Valentine's Day. 59% are advertising on radio alone, while 10% are active on both radio and television. With two weeks left to go until Valentine's Day, 2023's numbers are on track to repeat what occurred in 2022, showing that jewelry retailers are just as in love with radio as ever.
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RADIO ADMIRERS DOMINATE THE AIRWAVES
Katz's analysis found 488 different jewelry stores advertising on-air in Media Monitors measured markets in the first 5 weeks of 2023. Out of the top 25 jewelry stores by spot count, nearly all (20) are utilizing radio. 9 of them are using radio alone, while only 5 are exclusive to television (broadcast and cable). Jewelry stores understand the power of radio's unique assets as the #1 reach medium, engaging consumers across demographics, and reaching prospects out-of-home, on-the-go, and during prime shopping hours.
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While the analysis finds that the majority of jewelry retailers believe in the power of AM/FM radio to reach prospective Valentine's Day shoppers, there are still opportunities to grow. Brands like The Jewelry Exchange, Zales, KAY, PANDORA, and Jared stand to benefit from establishing and increasing share of voice among their competitors. And especially for those who have an established audio signature like KAY Jewelers' "Every kiss begins with KAY," radio can act as a natural extension to their TV campaigns.
KATZ ANALYSIS FINDS RADIO IS A STAPLE AMONG MEDIA JUNKIES
As consumers' media appetites continue to evolve it is important for marketers to stay on top of consumption data to know how to best engage with prospective customers. A Katz analysis of national Nielsen Scarborough data explores the status of consumer engagement with radio in the current media landscape. Whether it's reaching today's digital superfans target, or filling the reach gap for under-engaged media consumers - radio is a must for brands.
According to the latest Scarborough release, radio reaches 89% of adults 18+, and the average person spends 7 hours 40 minutes with radio each week. Looking at adults who are super fans of other major media, those in the top two usage quintiles for internet or television, radio's reach and engagement continue to shine.
These media super fans are still considerably engaged with radio. AM/FM continues to reach nearly 9 out of 10 of adults (89%), regardless of how much additional media they consume. And in true media junkie fashion, these users are not sacrificing radio time to compensate for their amped up usage of other media. Television and internet super users consume a comparable amount of radio to the average adult - well over seven hours each week. Heavy TV viewers, at 7 hours 53 minutes, consume even more radio per week than the average person. People are not replacing radio time with other media usage, even as they adopt or favor another media.
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RADIO CONNECTS BRANDS WITH MEDIA NON-USERS
On the flip side, radio offers brands new opportunities for engagement with under-engaged media consumers as well. 4 in 10 adults fall into the light user categories for TV and internet, meaning they consume under 3 hours of internet, or 2 hours of TV in a week, and are unlikely to have any meaningful exposure to ad campaigns. Radio fills that gap for brands, delivering 86% of light internet, and 88% of light TV viewers. These light users have healthy radio appetites, consuming over 7 hours each week.
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Media usage continues to evolve. From the adoption of new technologies and platforms, to the lifestyle changes brought on by the pandemic, consumers have ample opportunity to pick up a new favorite media. Regardless of where consumers stand on picking up or dropping media habits, data shows that radio is a staple among them all.
WFH-ERS ARE LEAVING THE HOME OFFICE BEHIND
A Katz analysis of YouGov data from its biennial tracker looks at the status of the American workforce to see where the country is at the end of 2022 in terms of working from home and commuting. As informative as these numbers are, they are not absolutes. As many of us are likely experiencing in our own lives, working arrangements are not mutually exclusive. Consumers may have more than one working arrangement in their job, or may work multiple jobs - either of which would necessitate selecting multiple options in the YouGov survey. The data, however, is directional in showing a trending shift from WFH behaviors towards commuting to workplaces outside the home.
As of December 2022, around 7 in 10 employed adults are commuting to a job outside the home, including those who work in a fixed workplace (office, factory, shop etc.) and those who work remotely on the move / from a variety of locations. Overall commuting has increased +26% over the past two years, with growth seen across age brackets. Employed adults 30-44 are the most likely to report going to work anywhere outside the home at the end of 2022 (76%). Employed adults 45-64 show the highest levels of working from a fixed workplace (58%), while the youngest cohort A18-29 is the most likely to work remotely from a variety of locations (26%).
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