There are 69,498  small businesses in the Las Vegas-Henderson-Paradise, NV Metro Area, according to the U.S. Census Bureau. Almost every one of these businesses is competing for a portion of the $45.1 billion of local retail spending expected to occur in 2023.*

To capture the largest share of this giant pool of consumer cash, Las Vegas small business owners will need to consider advertising.

"Think you have a great product?" asks the U.S. Small Business Administration. "Unfortunately, no one's going to know about it unless you advertise. Advertising, if done correctly, can do wonders for your sales., and you know what that means: more revenue and more success for your company."

One of the best ways to advertise in Las Vegas may be on local radio, a fact not lost on the world's largest advertiser, Proctor & Gamble. Last year, P&G upped spending on the radio by 43% to $235 million, according to Vivvix (formerly Kantar Media), led by a big jump in local radio.

Mother's Day is On May 14th this year. According to per capita data from The National Retail Federation, 1.5 million adult consumers in the Las Vegas area plan to celebrate the occasion.

Between now and that special Sunday in May, the NRF expects a record $313.4 million to be spent in Las Vegas to honor all the different moms in consumers' lives. Of those celebrating Mother’s Day, most (57%) are purchasing gifts for a mother or stepmother, followed by a wife (23%) or daughter (12%).

Comparatively speaking, Las Vegas area consumers will spend 12.6% more to celebrate Monther's Day this year than they did in 2022, which was also a record year.

“Mother’s Day provides Americans with an opportunity to honor important women in their lives,” NRF President and CEO Matthew Shay said. “As people make plans to celebrate this year, retailers are prepared to help shoppers find gifts of appreciation and admiration for those they want to recognize on this special day.”

Almost half of all Mother's Day spending in the Las Vegas area will fall into three categories:

1. Jewelry: $68,463,785
2. Special Outing: $49,153,487
3. Electronics: $35,109,634

The other half of Mother's Day spending includes purchases of gift cards, clothing, flowers, personal services, housewares, books, and greeting cards.

The challenge for Las Vegas area retailers, however, is keeping a significant share of these Mother's Day dollars in local cash registers and out of the coffers of online sellers and department stores. Right now, according to the NRF, those two retail channels will gobble up almost 68% of all spending.

To earn a larger share of Mother's Day spending, local small business owners will need to advertise to convince Las Vegas consumers of the benefits of buying from local companies.  By almost every marketing metric, the best way to advertise is on Las Vegas radio.

According to Nielsen, 1,475,493 adults tune in to their favorite Las Vegas radio stations every week. This is significantly more consumers than are reached by all other advertising-supported media, including local TV, local cable, streaming video, social media, online audio, and local newspapers.

Las Vegas radio's unchallenged reach is why many local business owners depend on the medium to capture the largest possible share of the $45.1 billion dollars consumers are expected to spend at retail this year.

Other local small business owners, however, may be surprised to learn that by most marketing metrics, radio remains the best way to advertise in Las Vegas.

Here are four more facts about AM/FM radio that may surprise many local marketers.

Despite high-interest rates, inflation, and recession fears, Las Vegas area consumers are expected to spend between $45.1 and $45.6 billion dollars at retail in 2023, according to recent per capita forecasts based on a survey by the National Retail Federation. This will be a 4-6% increase over 2022.

“In just the last three years, the retail industry has experienced growth that would normally take almost a decade by pre-pandemic standards,” NRF President and CEO Matthew Shay said. “While we expect growth to moderate in the year ahead, it will remain positive as retail sales stabilize to more historical levels."

The challenge for Las Vegas area retailers, however, is keeping a significant share of these dollars in local cash registers. According to the NRF, the amount of money spent online and non-store options will increase by 10-12%. This is nearly twice the growth rate of all 2023 retail dollars and translates to more than a $4.5 billion dollar outflow.

To keep the expected deluge of new retail dollars local, area small business owners will need to advertise to convince Las Vegas consumers of all the benefits of buying from local companies.  By almost every marketing metric, the best way to advertise is on Las Vegas radio.

More than 1.4 million Las Vegas area consumers are expected to celebrate Easter in 2023, according to per capita forecasts from The National Retail Federation. In all, the NRF predicts $210 million will be spent this year.

Not only will spending on Easter in Las Vegas top last year's take by 16%, but it will also blow past the spending record of $190 million set in 2021.

“Easter endures as an important holiday for many Americans, signifying new beginnings and a time of celebration with friends and family,” NRF President and CEO Matthew Shay said. “As consumers plan to mark the occasion through a variety of traditions, retailers are dedicated to making this year a memorable holiday.”

According to the NRF forecasts, here's how Las Vegas consumers are expected to spend their Easter Holiday cash:

• Food: $64.0 million
• Clothing: $35.1 million
• Candy: $33.3 million
• Gifts: $28.9 million
• Flowers: $15.7 million
• Decorations: $15.3 million
• Greeting Cards: $8.7 million
• Other: $7.8 million

There is one obstacle, however, between small business owners and this gargantuan pool of Easter cash.

According to the NRF, the vast majority of Easter shopping will be spent at discount stores, box stores, and online. Only 22% of spending will occur at local small businesses.

 

To Keep more of this cash in the Las Vegas area, retailers will need to advertise to convince consumers of the values and benefits of buying from local small business owners.  According to most marketing metrics, the best way to advertise in Las Vegas is on local radio.

Every week, according to Nielsen, Las Vegas radio reaches 1,475,493 adults. This is more consumers than use any other medium, including local TV, local cable, streaming video, social media, online audio, and newspapers.

Reach, though, is only one component used to calculate ratings.  The other metric that contributes to the rating formula is the time spent using each medium. So, although for the past 10 years, AM/FM radio's reach has been significantly higher than the reach of local TV, consumers spent considerably more time watching TV. As a result of the math, TV has enjoyed higher ratings than radio.

For the first time, however, AM/FM radio ratings have exceeded local TV ratings by three percent among the key advertising demographic of 18-49-year-olds, according to Nielsen's Total Audience Data for the third quarter of 2023.

In the Las Vegas area, there are 986,507 18-49-year-olds, the majority of whom are millennials, a generation that now accounts for nearly one-third of all retail spending.

Las Vegas radio reaches more local consumers each week than any other advertising medium.

According to Nielsen, 1,475,493 adults tune in to their favorite AM/FM stations every week.  This is significantly more consumers than are reached by Las Vegas TV, cable, streaming video, streaming audio, social media, or newspapers.

AM/FM radio's dominance among local consumers is driven, in large part, by the 1.7 million Las Vegas area adults who take to the road in their car or truck every week, according to Neilsen.

Over the next 12 months, according to Nielsen, 236,175 Las Vegas area households plan to buy furniture and mattresses. Based on a per capita forecast from Furniture Today, these expenditures will total $885.7 million during 2023, a $16.1 million dollar increase over 2022.

Although the forecast growth of furniture and bedding sales is expected to moderate a bit versus 2021, what retailer would not want to grab a share of the multi-million dollar category growth this year?

To capture a bigger share of the increased spending on chairs, couches, beds, tables, and mattresses will require local stores to invest in marketing. And according to most key metrics, the best way to reach local furniture buyers is with advertising on Las Vegas radio.

Las Vegas area construction companies will need to recruit 3,829 more workers in 2023 in addition to the normal pace of hiring. This forecast is a per capita estimate based on research from Associated Builders and Contractors (ABC).  

The frenetic pace of recruiting construction workers in Las Vegas is expected to extend into 2024, with an incremental 2,272 workers needed next year, as well, in addition to the normal pace of hiring.

Overall, the demand for construction workers in America has been increasing at an epic rate.

According to ABC, the construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, and the industry unemployment rate of 4.6% in 2022 was the second lowest on record, higher than only the 4.5% unemployment rate observed in 2019. In addition, national payroll construction employment was 231,000 higher in December 2022 than in December 2021.

Right now, filling open jobs at any Las Vegas company is a struggle.

A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.

Right now, says the Federal Reserve,  unfilled jobs remain near an all-time with 1.7 openings per unemployed person.  As a result, only one person is being hired per every four job openings.  To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.

Compounding the recruitment woes of Las Vegas's small business owners is the very stubborn quit rate.  According to the Federal Reserve, for every ten hires made, seven current employees quit. 

So, how can local builders and contractors fill the open jobs at their companies? Most metrics indicate that advertising on Las Vegas Radio may be the best way.

Las Vegas business owners should brace for a sweet Valentine's Day in 2023.

Based on per capita spending forecasts from the National Retail Federation (NRF), Las Vegas area consumers are expected to spend $181.6 million on their Valentines this year, 8.4% more than they did in 2022.

Overall, says the NRF, 52% of consumers plan to celebrate Valentine's day this year. On average, each celebrant will spend $192.80 on holiday gifts and outings. This is $17 more than last year.  Here is the most interesting part, though.

"While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives," says the NRF. "Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends, and co-workers, along with classmates or teachers."