In some respects, you may think that advertising in London is a costly and challenging pastime. After all, Greater London just so happens to be one of the most global and competitive marketplaces in the world, while the cost of securing prominent advertising space can be prohibitive.
None of this can disguise the fact that Greater London offers immense opportunities for brands that have a viable value proposition, especially in terms of reaching a motivated and diverse target audience with considerable spending power.
Why Advertise on Billboards in Greater London?
For many brands, Advertising in Greater London has resulted in lucrative financial benefits. After all, we all know that London is a cosmopolitan city that exists as the financial heartbeat of the world, with many of the world’s leading fiscal institutions based in the UK’s capital.
The region’s economy reflects this diverse and global outlook, with Eurostat revealing that the GDP of Greater London was estimated at a staggering 232 billion Euros as recently as 2009. Subsequently, approximately 38.8% of the cities residents work in professional or technical occupations, with a further 11.6% established as managers, directors and senior officials. This means that more than half of the Greater London population have well-paid and senior job roles, creating a wealth of disposable income for brands to target.
When you align this to the nature of the brands and institutions that have established themselves in the capital, you can begin to appreciate the opportunities available to advertisers and the amount of money that is reinvested into the economy on an annual basis.
Greater London is also features a diverse meld of interests, however, which exist outside of the economy. It has a vibrant arts and culture scene, for example, while a number of Europe’s most profitable football teams are based in the area. This eclectic range of pastimes hints at the broad appeal of Greater London as a regional location, while they invite a number of brands to effectively target local customers and market their products (or services).
Greater London’s Population and Demographics
The last census was taken in 2011, and it revealed that Greater London had a thriving population of 8.17 million. Interestingly, the core demographic split is also relatively even, consisting of 51% females and 49% males.
As you would probably expect when dealing with a dynamic economy such as Greater London, the age of an average resident is relatively young at 36. The median age in the region is even lower at 33, meaning that Greater London has a strong Millennial showing that is increasingly willing and able to spend their disposable income in the modern age.
Greater London also boasts an incredibly diverse demographic in terms of nationality, with just 61.1% of residents having being born in England. In total, less than 65% originate from the UK, while nearly 6% originate from India, Pakistan and Bangladesh. Regions such as South America and the Caribbean are also well represented, while European migration has also encouraged a large number of EU citizens to settle in the capital.
This sense of diversity (which is so appealing to brands across a range of markets) continues when we appraise lifestyle choices in the region. While 49.2% of the population are married or in a committed relationship, for example, 35.4% are single and a further 8.7 are separated or divorced.
Why Outdoor Advertising in Greater London is Beneficial
Despite inflated living costs and intense competition in some commercial markets, there is no doubt that Greater London offers brands access to a diverse and dynamic consumer demographic that has relatively high levels of disposable income.
For brands that want to access this while also minimising their spend, outdoor advertising may offer a viable option. After all, this technique is thought by Millennials to be 17% more engaging than other channels, while classic billboards can also be procured for exceptionally competitive prices.