According to an early 2020 holiday shopping season forecast from Salesforce, holiday shoppers are expected to follow the strategy of this summer’s back-to-school shoppers: Shop early to beat any additional price increases caused by inflation and to take advantage of the overstocked inventory at many stores.
Salesforce also predicts more consumers will shop at stores, expect deals and special offers and won’t hesitate to switch to another brand or store for better bargains. Holiday advertisers’ prime audiences for maximum sales and revenues are affluent households and those with children.
Radio can play Santa to advertisers because it can deliver those audiences based on an analysis of data from The Media Audit’s 49-Market 2021 Aggregate Report. Of the very detailed target audiences in the report, affluent white-collar workers with family incomes of $100,000 or more and heavily exposed to radio (180+ minutes during an average day) had the oldest average age of 44.2. They also have the largest average income or $141,659 and, somewhat surprisingly, adults 18–34 had the second largest at $140,100.
Regardless of their average age and income, these affluent consumers all over-index for heavy exposure to radio.
Another important target audience for holiday advertisers in The Media Audit report is adults with children. Those with children of any age at home and heavily exposed to radio had an average age of 40.0, prime Millennial consumers. Those with the oldest children, 13–17, were the oldest parents at 42.8 years and had the largest average household income at $89,451.
Advertisers will also want to target working women. Their average age was 40.3 and their average income was $71,493. A subset of that category, working mothers, were 39.5 years of age and had an average household income of $78,381.
Again, these two categories (children at home and working women) all over-indexed for heavy exposure to radio.
Undoubtedly, individuals and families with moderate incomes will be celebrating the holidays and significant spenders. Advertisers will want to target them too, however, the Media Audit report shows adults 18+ with household incomes of less than $50,000 only slightly over-index for heavy exposure to radio at 103.
The level of inflation, the rebalancing of supply chains and inventory and Americans’ confidence in their finances will have major impacts on holiday shopping – and some indications suggest these may be improved by the fourth quarter.