Why should Tampa Bay small business owners take note of this demographic? A study by investment bank Morgan Stanley finds 41% of working-age women are single. That number is expected to increase to 45% over the next ten years.
The study, called 'Growth of the SHEconomy', indicates that single women outspend the average household in many retail categories. Remarkably, says, Erica Sweeney of MarketingDive, "Women purchase more than half of products traditionally considered 'male' including autos, home improvement products, and consumer electronics."
To claim a share of the SHEconomy, business owners should consider advertising on Tampa radio stations. The medium consistently reaches more single women than all other options including, local TV, newspapers, social media sites like Facebook and Instagram, or streaming sites like Pandora and Spotify.
If Tampa Bay small business owners are not focusing a portion of their advertising and marketing budgets on the local SHEconomy, then here is what is being missed.
According to Nielsen, compared to the general population, single women in the Tampa Bay area are
- 14% more likely to buy a new house
- 21% more likely to finance a mortgage
- 46% more likely to move
- 52% more likely to go back to school for a degree
- 83% more likely to look for a new job
Furthermore, in the Tampa Bay area there are
- 57,000 single women who will hire a financial planner
- 109,448 single women who will buy a mattress
- 141,913 single women who will hire a tax prep service
- 151,552 single women who will buy a car or truck
- 185,042 single women who will buy hardware
- 221,638 single women who will buy furniture
- 639,408 single women who pick-up the check in restaurants
Tampa Bay business owners who ignore this rapidly expanding demographic do so at their own peril.
In Adweek, Jess Lloyd writes, "It's time to ditch the isolating single women stereotypes and expand marketing efforts to include them."
"This new generation of smart, independent women," she says, "is continuing to grow in size and value. Brands who underestimate their buying power are leaving money on the table to the tune of $3 trillion in annual consumer spending."
"No matter your brand or category, it’s past time to retire the idea that single women are incomplete people. Let’s portray these women accurately, create experiences that recognize single people as consumers and prepare brands for the demographic riptide."
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