With current projections showing back-to-school spending down year-over-year as extreme economic uncertainties return to the headlines, research is showing how audio advertisements benefit retailers more than TikTok, Facebook, Instagram, and YouTube.
The average spending on school-related items is projected to be $586 per child, down from $597 in 2023. This decline in spending is most pronounced among low- and middle-income families, who are cutting their budgets by 4% and 9%, respectively.
Veritonic has unveiled a new study exploring consumer preferences toward podcast advertising during key shopping periods, such as back-to-school and the holidays. This study sheds light on how podcast ads stack up against advertising on social media, particularly in terms of purchase timing, promotional incentives, and device usage.
The research highlights that 58% of back-to-school shoppers prefer hearing ads during podcasts as opposed to while scrolling.
Podcast ads appear to have a substantial impact on consumer purchasing decisions, with more consumers inclined to buy after hearing a podcast ad than they are after seeing ads on other platforms. 54% of consumers reported a preference for podcast ads over those on TikTok, 51% over Facebook ads, 47% over Instagram, and 42% over YouTube.
Promotional incentives also significantly influence the effectiveness of podcast ads. The study found that 70% of consumers are more likely to make a purchase if a podcast ad offers a discount code, 66% are swayed by free shipping offers, and 61% respond positively to buy-one-get-one deals.
Elsewhere in audio, brands have also been turning to AM/FM ads both earlier and in greater numbers to get their back to school messages out this year.
Looking into Q4, 75% of consumers also prefer audio ads to social media when it comes to holiday shopping – with 46% of consumers starting their holiday shopping by October 1 and 60% completing their purchases by December 1, now is the time to sell campaigns.
Veritonic’s research underscores the unique advantages of audio advertising in engaging consumers effectively, offering valuable insights for marketers looking to optimize their advertising strategies during crucial sales periods.
