New York Stations Prepare For Back-To-School Spending

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Thanks to the “New York Market Radio Broadcasters Association 2nd Quarter Market Report,” a ton of data is now available for broadcasters and advertisers as the busy back-to-school season of ad-spending nears. NYMRAD Executive Director Debbie Beagan said, “Back to School shopping starts early in the season, and the typical shopper revisits stores multiple times. Radio advertising presents a huge opportunity to mass target these shoppers, both for online and in-store promotions, ahead of the school year.”

The new report zeros in on several categories radio sellers should be aware of. Back to school spending typically peaks in mid-August. There are the obvious categories, such as school supplies and personal technology, as well as books, musical instruments, and personal care items. Aside from retail, the back-to-school rush also impacts other sectors, such as housing. The student housing sector has grown exponentially in the last decade, according to the new NYMRAD report. “College enrollments are expected to outpace high school graduations through 2025, signaling an ongoing and growing need for student-designated housing. Peak changes in sales volumes for student housing were nearly double the rates for the overall real estate market in last year’s data and far surpassed those of any other niche real estate market such as hotels and self-storage. The growth of these transactions also outpaces the real estate market’s growth in general.”

Banking and credit cards is another industry relevant to the back-to-school market. Millennials, many of whom are college students, comprise the largest population segment in the U.S.; 67% of Americans aged 18-24 own a credit card while 42% plan on opening a savings account within the next year. Younger consumers, including those heading to college, tend to make riskier decisions when shopping with credit cards than those over 50 and are increasingly leaning toward mobile payment methods such as Apple and Samsung Pay. Over the past five years, students have dominated the online search results for credit cards; each year, searches for credit cards by students spike in July and August, coinciding with the back-to-school season.

In the New York City area, 13% of households currently have student loans, while 6% have a child in college. Millions of New Yorkers regularly use the following banks:

How does all of the this data impact radio advertising? From banking to housing to retail, there are many opportunities for advertisers, especially on radio, to showcase their brands in the months leading up to the new school season.

Read the full NYMRAD report HERE.

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