You see it in the headlines, you hear it discussed in your social circles: Millennials are ‘killing’ American industries left and right. Whether it be sit-down chain restaurants, cable television, single family housing, motorcycles or even mayonnaise, Millennials’ fresh tastes have disrupted many industries. Often contrasted with the Millennial generation, Baby Boomers are the most stable and predictable consumers. They have a huge amount of purchasing power and maintain their tried and true, traditional preferences. Sandwiched between the Millennials and Baby Boomers lies the least talked about generational cohort, Generation X. Who is this forgotten generation? And how might they be important to your marketing strategy?
Who is Generation X?
More diverse and digitally savvy than Baby Boomers, but more traditionally-minded than Millennials, this group of roughly 65 million Americans represents a significant market segment. Born roughly between 1965 and 1980, these middle-aged consumers’ habits are a blend of the old and the new.
For instance, Gen Xers are generally more immune to prejudice and hatred. They grew up in integrated schools and were raised in a more diverse culture than generations before them. Generally they are much more accepting of differences in race, ethnicity, national origin, family structures, and lifestyles than Baby Boomers. They are more open to utilizing the services of businesses run by people that look and live differently than them.
In addition, their propensity for autonomy and their entrepreneurial spirit make them supportive of businesses that demonstrate these principles. They appreciate a strong work ethic and are comfortable with more flexible, yet formal client-business relationships.
Although Millennials are often described as digital natives, Gen Xers were actually the original digital creators and tech adopters. They were the first generation to grow up alongside the earliest personal computing devices. Although clunky and slow compared to the technology available today, the first personal computers and mobile phones were introduced as Gen Xers came of age. While they are comfortable with tech, they are not as dependent on it as Millennials.
How has Generation X fared financially?
Unfortunately, Gen Xers earn roughly 70% in real dollars of what their parents did at the same age. However, this discrepancy in wages makes them more interested in long-term financial planning and responsibility. Gen Xers were hit hard by the 2008 Recession, but they bounced back stronger than any other living generation. In addition, they have fared better financially than most Millennials and thus have greater economic security.
Unlike Millennials, many members of Generation X are homeowners. Roughly 82% of Gen Xers own their own homes. This is a huge opportunity for businesses providing landscaping, home remodeling, construction and other home improvement services. Also, as the first generation to embrace work-life balance, they prioritize spending more time at home with family. They will pay for the luxury of upgraded bathrooms, remodeled open-concept kitchens and new drought-resistant landscaping.
In addition, 55% of Gen Xers own an additional home or property for investment purposes. If you are able to secure the business of a Gen Xer at their primary residence, it is very possible that you can provide your services at their investment property, too.
What is Generation X’s internet usage like?
A staggering 95% of Gen Xers have a Facebook profile. That is a huge number! If you are trying to gain new clients that are middle-aged homeowners, Facebook is the most important place online to invest your marketing dollars. With the assistance of Interscope Media, you can run highly targeted Facebook Ads and watch your business grow.
Furthermore, 72% of Gen Xers use the Internet to research businesses. Establishing your business through Google My Business and launching a website that showcases your best work will help you attract Gen X clients. Luckily, Generation X is extremely loyal to businesses and brands, more so than other generations. If you can successfully capture their business, you are likely to become their preferred, trusted provider of the specialized services you offer. Interscope Media is ready to help you gain their loyalty through our digital marketing expertise. Reach out today to get started!