To some extent, Gen X is less difficult to reach. These younger consumers are less predictable in their media habits compared to prior generations, and they are notoriously less brand-loyal and don’t associate consumerism with reward. Find sourceīrands know they have a problem engaging with Millennials. They can also expect to spend far more on housing costs: in real terms, they’ll spend £44,000 more on rent in their 20’s than Baby Boomers did at the same age. Now that the Brexit vote has wiped at least 2% off future growth forecasts, they face gloomy long-term prospects and their lifetime earning prospects compare poorly against previous generations. In the UK particularly, Millennials bear the brunt of the housing crisis and economic woes.
This opens up a myriad of possibilities for marketers. Self-image matters to these Britons, and they value having a beautiful home and looking good themselves.
Whilst it’s recognised that this generation may be stretched between looking after both young children and elderly parents, they don’t necessarily see themselves as just parents and carers. The UK group represents 28% of the total population and the generation with the highest spending power. ONS data from the UK classes Gen X as the demographic aged between 34-55, a slightly wider age range than the group studied in the US. In the US there are 81 million people aged 34-45, the age group most often described as Generation X, and these control just under a third of estimated net worth. Their average income is now higher than that of Baby Boomers and although they are a smaller demographic than the Millennial one, a recent study by Yahoo found marketers underestimate this group’s influence.
The 34-45 year age group known as Generation X now has a spending power greater than any other.
#Gen x age range how to
Brands spend a great deal of time wringing their hands about the millennial generation – how to engage with them, how to retain their fickle loyalty.
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