The economy in New York City is sizzling hot and that’s good news for radio advertising in that market. Companies and industries doing well always spend more on advertising. The New York Market Radio Association released its Q4 2017 market report on Monday. NYMRAD commissions Provoke Insights to write the report and for this quarter the report focused on the financial industry in New York City. Here are some of the details.
The reports says New York City’s job growth of 1.8% was higher than that of the entire state of New York (+1.4%) and the country (+1.7). The unemployment rate in New York is down 0.3% from the same time last year to 4.7%.
The financial services industry spent about $11 million on New York radio in 2017, according to the new report. “Wells Fargo, Bank of America, Citibank, Investors Bank & Trust, and Bethpage Federal Credit Union all doubled their spending in 2017 to over $3.3 million. That represented one-third of the overall spend for the category. Insurance companies also spent over $11 million on New York radio last year, with auto insurance leading the way among the insurance industry subcategories.” Overall, the insurance industry is among the top large US industries in overall ad spend growth. Auto insurance is obviously huge. The competition is fierce in that sub-category. This industry spends more than $5 billion on advertising.
The new report also says 44.4% of New York companies with over 500 employees integrate radio into their marketing mix, which is 2% higher than the national average. “The automotive, retail, healthcare and pharmaceutical, and banking and financial services industries advertise on New York radio even more heavily.”
You can read the entire 8-page report HERE.