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 Fayetteville, that equates to $4.8-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 Fayetteville spend their money in a variety of ways. Compared to the general population, Local Boomers are
- 7% more likely to remodel a bathroom
- 7% more likely to eat in a restaurant
- 13% more likely to purchase furniture and mattresses
- 21% more likely to install new heating or air conditioning
- 38% more likely to refinance their home
- 54% more likely to purchase a home security system
- 82% more likely to replace a roof
Regardless of the retail category, Fayetteville Baby Boomers will be buying in large numbers.
- 10,778 are planning to buy a car or truck
- 2,383 are planning to buy a smart TV
- 2,217 are planning to buy a tablet computer
- 2,117 are planning to buy a major appliance
- 1,329 are planning to buy a hot tub or spa
In addition to consumer goods, Fayetteville Boomers will also be spending heavily on a wide variety of professional services:
- 24,895 will use a tax preparation service
- 8,761 will use an attorney
- 8,528 will use a local insurance agent
- 5,665 will use a travel agent
- 5,556 will use a financial planner
- 5,050 will use an accountant
- 3,669 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 increase. 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 Fayetteville radio is a powerful way to reach the vast majority of local Baby Boomers.
- Each week, local radio reaches 89.5% of all Boomers
- Boomers listen to local radio, on average, 139 minutes per day
Most importantly, 86.4% of Boomers listen to Fayetteville radio in their cars. This puts the most prolific spenders in easy proximity to local retailers. As a result, Fayetteville 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."
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