Gen X: Savers & Brand Loyal
Of these 65.7M individuals, 75% earn more than Baby Boomers did when they were at this age, but only 36% have more wealth than their parents due to debt. Therefore, their perceptions (and realities) revolve around economic stresses such as middle age, retirement, work/ life balance and family responsibilities.
Being raised by Baby Boomer parents, they were taught to “take care of themselves” and they will exert that sentiment for their entire lives. In fact, 55% of startup founders are among this generation. They were the first families to enroll children in day cares to pursue intense careers. Second-wave feminism permitted women to be included in this ambitious population; it is the first generation with impactful dual income numbers.
With determination and discipline in the workplace comes the same consumer mentality for Gen Xers. Even the most affluent have middle class spending values; they are extremely conservative with money. What does this mean for marketers? Offer as many promotions and sales to these individuals as possible. However, this may be the most important takeaway: They are extremely brand loyal. Therefore, even though they have a “save, save, save” attitude, this group is more willing to pay higher prices for products and brands that they trust.Did we just crack the code?
Gen Xers are so in-tune with brands and what they want (dare we say, creatures of habit?), they use product information to make consumer choices;they research new products using online reviews and vast search engines.
We can reach Gen X with traditional marketing tactics – catalogs and creative but also with digital media, including both email and social as opportunities.
Keep the promotions coming, but realize the importance of brand loyalty. These are your avid users, frequent buyers, loyal consumers. Pull out all the stops – print and digital marketing along with celebrity endorsements, holidays and events.
Pew Research Center
U.S. Department of Labor
Live Well Collaborative