According to Visa, however, when it comes to the ability to buy goods and services from local business owners, people 50 and older are responsible for 56% of all retail spending. In Tampa Bay, that equates to $33-billion.
Forecasts from the Bureau of Labor Statistics indicate the spending power of the Baby Boomer generation will remain dominant through at least 2025. This is fueled, in part, by the Boomers' continued participation in the labor force.
Baby Boomers in the Tampa area spend their money in a variety of ways. Compared to the general population, local Boomers are
- 11% more likely to buy a restaurant meal
- 19% more likely to pay for car repairs
- 20% more likely to purchase an RV
- 42% more likely to remodel a bathroom
- 45% more likely to purchase replacement windows
- 90% more likely to buy a boat
- 90% more likely to buy a motorcycle
Regardless of the retail category, Tampa Baby Boomers will be buying in large numbers.
- 249,425 are planning to buy a car or truck
- 384,094 are planning to invest in home improvements
- 186,058 are planning to buy furniture or mattresses
- 76,964 are planning to buy a new house or condo
- 83,574 are planning to buy a major appliance
- 75,870 are planning to buy a new computer/laptop
In addition to consumer goods, Tampa area Boomers will also be spending heavily on a wide variety of professional services:
- 312,078 will use a tax preparation service
- 232,171 will use a financial planner
- 185,160 will hire an accountant
- 144,444 will hire an attorney
- 157,116 will use a local insurance agent
- 125,719 will use a travel agent
- 98,648 will use a real estate agent
- 70,745 will use a stockbroker
To capture a larger share of Baby Boomer spending, small business owners will need to invest in advertising.
Nielsen recently completed a study of how different elements of an advertising campaign relates to sales increases. By far, the media component that contributes most to ringing cash registers is reach. This is the number of different people exposed to a business's message.
Advertising on Tampa radio is a powerful way to reach the vast majority of local Baby Boomers.
- Each week, local radio reaches 86.4% of all Boomers
- Boomers listen to local radio, on average, 120 minutes per day
Most importantly, 79.2% of Boomers listen to AM/FM radio in their cars. This puts the most prolific spenders in easy proximity to local retailers. As a result, Tampa radio is often the last medium consumers are exposed to prior to making a purchase.
A recent article in Forbes summarizes the key for successfully advertising and marketing to Baby Boomers.
"Because of the size of the baby boomer population, nearly every industry has an audience in this marketing sector. When marketing to baby boomers, it’s important to understand who they are, where they come from, and where they hope to be in the future when getting their attention for your business."
More Advice For Tampa Bay Small Business Owners
- Marketing To Tampa Bay Pet Owners: A Small Business Guide
- 5 Facts Tampa Bay Business Owners Need To Know About Radio Advertising
- Business Owners Ask: How Do Tampa Bay Consumers Spend Their Money?
- How Tampa Bay Retailers Can Earn A Greater Share Of Holiday Spending
- The SHEconomy: Is Your Tampa Bay Business Benefiting?