With all the enthusiasm about Millennials—their youth, energy, technology savviness, and spending habits—marketers are in danger of bypassing Gen X.
This group of folks, born between the mid-60s and early 80s is an economic powerhouse, as Ryan Manchee points out. In an interesting post, “Why You Really Need to Stop Overlooking Generation X,” he notes that Gen Xers may “make up just a quarter of adults, but they account for 29% of estimated net worth dollars in the US and hold 31% of total income dollars … “ That means that a “brand that can successfully connect with Gen X and tap into it in a meaningful way can gain a lot financially.”
So, what is Gen X all about?
First off, this group is sentimental. It values family and works hard to provide for those nearest and dearest. It doesn’t wince at Hallmark moments. Gen X is sentimental about its youth, looking back with fondness, particularly when it comes to music. (Think about remarks you’ve heard 40-ish colleagues make recently about Prince.)
Gen X is well educated and well employed—more so than the Millennials, actually. For example, 78% of Gen X men are employed vs. 68% of Millennial men. TIME magazine has recently noted that 68% of Inc. 500 CEOs are Gen Xers.
Gen X is quite practical. Mr. Manchee describes it as composed of “sensible shoppers” who tend to be suspicious of “corporate authority and the unpredictable nature of the stock market.” Xers look for value, and at least in automotive shopping, “practical luxury and safety features for their families.”
Finally, Gen X is techno-smart—with 60% using smartphones every day and 67% using a laptop or PC, compared to 58% of Millennials. (The Gen X folks I know are all about technology and own a heck of a lot of iPads, among other things, so I wonder a bit about these figures.)
According to Mr. Manchee, you should ask two questions before gearing your marketing strategy to appeal to Gen X:
Will my product or service appeal to this group?
Generalizations can be a useful way to get a grip on what makes a demographic tick. On the other hand, Gen X ranges in age from the 30s to the 50s, so it’s important to be aware of subtle and not-so-subtle difference.
Do my brand values align with Gen X?
If you’re Cheerios, your connection to the family values and political conservatism espoused by many in Gen X is clear. If you’re Playboy, not so much.
Perhaps the most important takeaway from Mr. Manchee’s post, at least in my opinion, is that marketers may need to dig a little deeper to discover the value of a demographic, but that the effort is bound to be worthwhile.
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