New York City Booming – Radio Ink
30 Jan 2018

New York City Booming – Radio Ink

 

This blog shares highlights from Radio Ink’s recent coverage of the New York Market Radio Association’s Q4 2017 market report, which Provoke Insights writes each quarter. This quarter’s NYC radio research focuses on how the city’s booming financial sector fuels radio ad spending.

New York City’s economy continues to outperform expectations. Job growth reaches 1.8 percent, higher than the state average of 1.4 percent and the national average of 1.7 percent. The unemployment rate drops to 4.7 percent, down 0.3 percent from the same time last year.

This economic strength directly supports more local advertising. Our NYC radio research shows the financial services industry spends about 11 million dollars on New York radio in 2017. Top names like Wells Fargo, Bank of America, Citibank, Investors Bank & Trust, and Bethpage Federal Credit Union each double their spending to over 3.3 million dollars. Together, these institutions represent one-third of total financial category radio spending in the market.

Insurance companies also play a major role in the local radio scene. They spend over 11 million dollars on New York radio ads, with auto insurance leading the subcategories. Auto insurance remains highly competitive nationwide, with companies in this category spending more than 5 billion dollars on advertising overall.

The report also finds that 44.4 percent of New York companies with more than 500 employees include radio in their marketing mix. This figure is slightly higher than the national average. Key industries driving local radio ad dollars include automotive, retail, healthcare and pharmaceutical, and banking and financial services.

This NYC radio research confirms that radio remains a trusted and effective medium for reaching engaged local audiences, especially in a thriving market like New York City.  Want to see Provoke Insights latest research? Check out here. 

Jewelry Industry Fine Jewelry Research – PR Newswire
14 Dec 2017

Jewelry Industry Fine Jewelry Research – PR Newswire

 

This post summarizes Jewelers of America’s 2017 consumer and retail market study, conducted by Provoke Insights. This fine jewelry research shows that visiting a jewelry store remains a key step for shoppers, even as e-commerce grows.

According to the study, 64 percent of consumers who purchase jewelry visit a jewelry store and speak to a jeweler during their research. This is 26 percent more than for other luxury products. Seeing jewelry in person and talking to an expert helps customers feel confident about their purchase. Consumers who speak to a jeweler are more likely to buy locally rather than online.

Gifting drives much of this behavior. Forty percent plan to give gold jewelry as a gift in the next year, while 32 percent choose sterling silver, colored gems, or pearls. Half of consumers say fine jewelry holds sentimental value and celebrates special moments. Forty-three percent have purchased or received jewelry as a gift in the past year, and over one-third plan to buy jewelry soon.

Retailers face competition from online sellers, but the in-store experience remains strong. Thirty-nine percent of jewelers say e-commerce is their top challenge, yet only 34 percent have an online store. Instead, jewelers focus on highly trained staff and excellent service to attract shoppers. Many consumers still appreciate the ability to see, touch, and ask questions before buying a valuable piece.

This fine jewelry research shows that even in a digital age, trust and personal service set local jewelers apart. Fine jewelry buyers continue to rely on expert guidance and the emotional connection that comes with shopping in person.

Provoke Insights supports Jewelers of America by delivering the data that helps retailers understand consumer trends and strengthen customer relationships.

Want to see our latest trends research on the affluent consumer?  Check it out here.