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 SWFL, that equates to $12.7 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 Fort Myers-Naples area spend their money in a variety of ways. Compared to the general population, local Boomers are
- 8% more likely to replace windows
- 8% more likely to purchase a new roof
- 9% more likely to hire a home cleaning service
- 11% more likely to hire a landscaper
- 12% more likely to buy a restaurant meal
- 13% more likely to buy furniture
- 13% more likely to purchase carpeting or flooring
- 30% more likely to take a vacation
Regardless of the retail category, SWFL Baby Boomers will be buying in large numbers.
- 110,778 are planning to buy a car or truck
- 168,990 are planning to major home improvement
- 30,574 are planning to buy a new house or condo
- 22,687 are planning to buy a major appliance
- 30,689 are planning to buy a new computer/laptop
- 53,748 are planning to buy a new mattress
In addition to consumer goods, Fort Myers-Naples area Boomers will also be spending heavily on a wide variety of professional services:
- 167,125 will use a tax preparation service
- 128,317 will hire an accountant
- 58,447 will hire an attorney
- 99,075 will use a local insurance agent
- 70,745 will use a stockbroker
- 60,895 will use a travel agent
- 58,298 will use a real estate agent
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 Fort Myers 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, 86.9% of Boomers listen to Fort Myers radio in their cars. This puts the most prolific spenders in easy proximity to local retailers. As a result, Fort Myers 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 SWFL Small Business Owners
- Where Will SWFL Consumers Shop For The Holidays?
- Marketing To SWFL Pet Owners: A Guide For Small Business Owners
- 5 Facts SWFL Business Owners Need To Know About Radio Advertising
- How Are Southwest Florida Consumers Spending Their Money?
- SWFL Retailers Can Bag A Greater Share Of Holiday Spending