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With only 65 million people in their Generation, Generation Xers are the smallest generation of the present. Despite that fact, they have acquired an impressive amount of capital and have had a huge impact on the way we do business today. Generation Xers are loyal and long term consumers. Gen X commands huge buying power.
Research from American Express revealed that “Gen Xers have more spending power than any other generation…and they account for 31 percent of consumer spending.”( Adweek)
Understanding all of the interstices involved in marketing to Generation X is crucial for any business that is looking to capture loyal and long term consumers. While they did not technically grow up with the internet the way the Millennials did, this generation is just as tech-savvy. Gen Exers can often be found switching between their many devices to do their online shopping and research, watching TV, and reading.
Marketers will be happy to learn that this generation happens to boast the highest rate of brand loyalty, at 70 percent. They have a huge amount of interest in their families, health, and retirement. Businesses can capitalize on making sure they let Gen Xers understand from the beginning why doing business with them benefits them personally. This generation was raised with a lot of brand names like Nike and Jordan so they still respect the value of brands. Also, Generation Xers are the most likely to share information about their favorite brands on social media. They are very active on Facebook and leave frequent reviews of products and services.
The most cynical generation to date transitioned marketing to a more authentic kind of advertising. They appreciate a facts-first-honest approach to sales. This has transitioned into today’s advertising that doesn’t “try too hard” to earn your business and is not interested in the hard sell.
Reaching this generation means multimedia campaigns that include hefty doses of content. This generation loves research and reading, and are frequent checkers of email. A business should include informative newsletters that let Generation Xers understand the value their products offer for themselves, and encourage them to share their knowledge with friends and colleagues.
Gen Xers also have the highest homeownership rate of 82%, are financially active with multiple types of financial plans like life insurance, 401(k) and IRAs. This means they lean towards purchases that make economical sense to them in the long term. This pragmatism should be consistent in advertising that demonstrates products that are quality tested at a good price.
To market to Generation X it is important to create honest, long term relationships that can benefit by not only creating repeat buyers, but also a powerful pool of referrals. Marketing campaigns should be optimized similar to those of Millennials, because just like them, this generation is likely to start their browsing experience on one device and end up purchasing on another. In fact, 84% of Generation Xers are using 2+ devices during prime time hours ( 7pm-11pm) and switching devices over 9 times per hour. For people that think that is a lot, just wait: New studies are showing that as a whole, consumers switch devices now more than ever, with trends expecting this number to continue to rise through the double digits.