Gen X: The New Luxury Buyers
It seems lately that there has a lot of talk about the boomers and millennials but little about Generation X. Generation X is the new customer segment that is emerging in luxury. Now that Gen X is reaching the peak of their professional lives – they’re between 35 and 46 today – many are out-earning Boomers. That older generation is retiring at a rate of roughly 10,000 per day, and curbing their historically excessive spending habits as they enter their golden years.
What are the rules for marketing to Gen Xers today?
• Appeal to Gen Xers’ sense of pride in their children.
• Co-market to Gen Xers and Millennials with messages that will resonate with both generations.
• The message should be personal and focused on the individual bond between parent and child, rather than just on children in general.
• While they still remember the glory days of paper-based marketing, this is also a very “wired” generation, the first to really experience the Internet as part of everyday life.
• They habitually research items online prior to purchase.
• Gen X audience is not swayed by hype or trends. This is the generation that begged Mom to buy that cereal on TV with the prize in the box, only to find that the prize was two inches high, made of plastic, and broken in minutes (if not seconds).
• Keep it real. If you’re trying too hard to be cool, this audience will catch on quickly.
• Gen X loves superior quality, but they also love a great deal.
• It’s also important to provide communication at every stage of the purchase cycle. This skeptical bunch needs assurance that your product is real, high quality, and that you stand behind it.
• When you please the Gen X shopper, they’re the most likely of all generations to write a review and share their love of your product or service (or your great offer) with friends.