69,498 Las Vegas area companies fit the description of being a small business, according to the US Census Bureau.  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. 

Although the labor crunch affects Las Vegas business owners of every size, nearly half of all job vacancies are at companies with fewer than 50 employees.

So what is the best way for local small business owners to attract qualified candidates to fill open jobs?  Most metrics indicate that advertising on Las Vegas radio may be the optimal choice.

There are 908,100 adult women in the Las Vegas area. Based on research from the Harvard Business Review, as a consumer group, females account for 70-80 percent of all consumer purchasing through a combination of their buying power and influence.  According to Nielsen, this will amount to between $33.2 billion and $37.9 billion this year.

Overall, according to the Bureau of Labor Statistics and the US Census Bureau:

• Single women across all income brackets spend, on average, $34,817 on goods and service
• Working married women contribute over a third of their families’ incomes
• Over a quarter (29.4%) of wives earned more than their husbands in 2018, an increase from 15.9% in 1981.

Furthermore, according to research published by Forbes:

• The top homebuyers after married couples are single women (18%, double the percentage for single men at 9%).
• Women are 50% more likely than men to regularly watch online how-to videos.
• 94% of women between the ages of 15-35 spend over an hour per day shopping online.
• 70% of travel consumers are women.
• 85% of women say that if they like a brand, they will remain loyal to it.

For Las Vegas small business owners to successfully capture a meaningful share of the local female economy requires advertising.

Clark County consumers are expected to spend $59 million on Halloween related activities in 2020, according to information from the National Retail Federation.  This would be a slight 2.3% decrease from 2019. This is proof of the holiday's strong resistance to the pressures of a pandemic economy.

Based on data from the NRF's annual survey conducted by Prosper Insights & Analytics, more than 1.1 million Las Vegas adults plan to participate in Halloween-related activities. Among those celebrants, safe at-home activities ranked highest: 53 percent plan to decorate their homes, 46 percent plan to carve a pumpkin, and 18 percent will dress up their pet.

“Consumers continue to place importance on celebrating our traditional holidays, even if by untraditional standards,” NRF President and CEO Matthew Shay said. “Retailers are prepared to meet the increased demand for seasonal décor, costumes, and other items that allow families the opportunity to observe Halloween safely.”

To earn a large share of Halloween spending in 2020, Clark County small business owner will need to advertise to let consumers know their stores are open, stocked, and ready. By any metric, advertising on Las Vegas radio is the best way to reach holiday shoppers.

The National Retail Federation has predicted that this year's back-to-school shopping season will set a new record. Households with school-age children are expected to spend, on average, $696.70 preparing their kids for the first day of classes. This tops the previous record set in 2012.

For Las Vegas small business owners, this means there is $453,926,560 of back-to-school bucks in play between now and the first bell of the school year.

According to the NRF, here's how the $696.70 per household will be spent.

• Clothing & Accessories: $239.82
• Computers & Electronics: $203.44
• Shoes: $135.96
• School Supplies: $117.49

To grab the largest share of back-to-school spending will require small business owners to advertise.  By any metric, advertising on Las Vegas radio stations will be the most effective.  Here's why.

 

Advertising on Las Vegas radio stations is the best way for local small business owners to reach the lucrative, local mother market.  Here's why.

Las Vegas consumers will spend $39 billion over the next 12 months. Forbes magazine reports that it is moms who control 85% of all household purchases. Locally,  there are more than 371,000 mothers with children under the age of 17 at home.

Las Vegas small business owners need to pay special attention to these mothers and their wallets. For example, compared to the general population, over the next 12 months, local moms live in households that are

• 48% more likely to take a family vacation
• 25% more likely to purchase a car or truck
• 80% more likely to buy furniture
• 86% more likely to purchase a major appliance
• 17% more likely to buy a mattress
• 147% more likely to buy a new house/condo
• 165% more likely to purchase a boat
• 25%% more likely to buy carpeting/floor coverings
• 58% more likely to move
• 39% more likely to look for a new job