Thursday, January 10, 2013

What do you know about Generation X?

What do you know about the spending trends of the typical American Generation Xer? Since it is sometimes called the “ignored generation,” you may not know too much about it. The Center for Media Research recently summarized a new study by SymphonyIRI called Q3 2012 MarketPulse. In it, it highlights the buying characteristics of American’s between the ages of 35 and 44.

Unlike its predecessors Baby Boomers and seniors, Generation X tends be more price conscious.  This is more in line to the Millennials. The study proves this with the following results:
§       37% of GenX and 45% of Millennials are willing to buy brands that are on sale over the preferred brands. Boomers and seniors were less likely at 27% and 22% respectively.
§       32% of GenX and 39% of Millennials will select products that will create the most meals for the lowest cost. Boomers and seniors were charted at 27% and 19%.
§       33% of GenX and 35% of Millennials purchased products because of the discounts given from the loyalty card. The study showed only 25% of Boomers and 16% of seniors did the same.

How is this information helpful to an advertiser? If your target demographic happens to fall within the Generation X age group, it may be a good idea to highlight the price of your product or service. Also, coupons or discounts may be a way to get the frugal generation to sample what you are selling.

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