Generation X-ers are dubbed as the New Lost Generation, or the Lost Generation. They are the generation that is squished between Baby Boomers and Millennials. Mostly born in the 1970s and early 1980s, they would be around 40 to 50 years old right now.
They are rarely the focus of marketing currently, even though they are one of, if not, the highest-earning age group in the United States. The mean disposable household income of those born in this generation is around USD 90,000 per year. It peaks the next highest income by over USD 15,000 (Baby Boomers).
Despite this fact, like their namesake, they are often overlooked and forgotten by most marketing efforts. While they were once, like the millennials, the focus of most marketing works, they are ignored as they are said to be set in their ways. They are the middle child of those existing right now. Marketing to them can be considered a futile effort. Most Gen X-ers have favorite brands they are loyal to. Besides that, because they are middle children of the generational gaps, they have adapted to the Baby Boomer Generation’s and Millennial Generation’s consumer habits.
How do you market to Generation X?
Generation X-ers Are Big Savers
One of the defining characteristics of most Gen X-ers is that they are extremely firm in having savings. According to research, while all generations are all saving below their targets, Gen X-ers still have the most significant allocation when saving up. They are, in fact, 6% higher than their neighbor generations.
Savings on expenses have a big play for them. If they think that they can save more if they are buying a cheaper kind of Paracetamol (or any over-the-counter drug, if possible), they will choose a more affordable alternative. Savings on every little thing matter for them. In terms of marketing, you should play around with this idea.
Generation X-ers Are Practical
They will not move a cent if it is something that they don’t need. Most Generation X-ers are known to be practical with their money. Gen X-ers are rarely lavish spenders. They see the value of every dollar they own – mostly learning from the mistakes of the Baby Boomers and the wisdom of the Golden Generation.
They are incredibly picky when it comes to choosing the product they will use. They intensively analyze every nook and cranny of your item. Marketing to them will be easy if you provide them with every little bit of information about your product. Comparisons with other prominent products and services will help boost your marketing efforts.
Generation X-ers Are Plain
Generation X-ers are straightforward, in a good way. Referring back to the term “lost generation,” Generation X-ers are considered lost because they have a hard time finding their own identity. They mostly get and borrow their identity from other generations, similar to how middle children act. However, they are not as rebellious.
The most critical characteristic for them is that they are plain. Plain is not always bad. Because they are as is, their market group can easily be accessed through plain and simple marketing schemes. HVAC companies often employ a typical and traditional HVAC marketing plan when trying to reach Gen X-ers. Most construction companies use uncomplicated marketing plans when catering to people in their 40s — knowing full well that their market is at an age likely to build their own houses. Simple and straight to the point are the key takeaways to marketing to Gen X-ers.
Generation X-ers Are Persevering
Resonate with your audience and market by showing that your product or service came from perseverance. Generation X-ers are well-known to be persevering in the face of adversity. Born too late to explore the Earth but too soon to explore the stars, Gen X-ers have their foot firm in the soil. They are realistic about the value of their labor and are always persevering to improve themselves. They are at an age where they have invested a lot of time and a lot of money in something they hold dear in their hearts – whether it is a property investment or their children. Making sure that your product resonates with them will ensure your efforts are not going to waste.
Born at the right place at the right time, Generation X-ers are considered lucky, even though they are often overlooked and forgotten. Unlocking the pathway to marketing to an untapped resource is indeed a goldmine. Adapt to their needs as their wants change over time.