Gen X – reputationally, practically – is the overlooked generation. Part of this is about size: There are significantly fewer Xers than either Boomers or Millennials. The other, related piece comes from being sandwiched between the Boomers – a group that’s notoriously unwilling to give up the spotlight – and Millennials – a group that Boomers (and everyone else) loves to complain about.
Of course, there’s a difference between smaller and small: There are about 65 million Gen Xers in the U.S. And there’s a difference between overlooked and correctly overlooked. While many Xers might prefer to be left alone, at least according to Business Insider, marketers should be wary of ignoring them.
Why? To start out, Gen Xers are in charge. Today, more than half of global business leadership roles are held by members of the generation. According to Fast Company, more than half of Fortune 500 CEOs, including folks like Jeff Bezos, Elon Musk, and Google founders Larry Page and Sergei Brin, come from this overlooked generation.
Second, Gen X has money to spend. Across the board, Gen X’s net worth is on the higher end. Per Fortune, median net worth for individuals in the cohort hovers around $200,000, depending on age. This puts Gen X well ahead of Millennials and Gen Z. More importantly, Xers are still working, meaning they have a lot more disposable income than their Boomer counterparts.
At the same time, Xers face their own unique challenges. Many of these stem from being a ‘sandwich generation.’ That is, many Gen Xers are taking care of both an aging parent and a child. Perhaps as a result, they have more debt than other generations and are more worried about retirement. Gen Xers are starting to hit 59 and a half now and will be retiring in the next few years. According to new research from Natixis (disclosure, an RF|Binder client), many think it will take a miracle for them to retire securely.
These circumstances are an opportunity for targeted, helpful messaging. Members of Gen X are looking for new, innovative solutions and products. The most popular brands among Xers are Apple, Amazon, Nike, Samsung, and Adidas – companies known for attractive, easy-to-use products that allow users to express themselves. They’re also tech-forward, a fact that makes sense when you consider that Gen X spends more time per week on social media than digital-native Millennials.
What should marketers do? First, make an effort to understand the unique position of Gen X. One good place to start lies in Gen X’s experience as a sandwich generation. For many, the stress of caring for an aging parent and young children is all-consuming. Brands offering real, useful guidance – or products and tools that can ease this burden – should lean into these solutions.
Likewise, many Xers, perhaps influenced by this challenging experience, are interested in driving positive social change. Where possible, brands should lean into ESG and similar efforts.
Remember, the issues impacting Gen X today could well hit Millennials – and Gen Z – down the road. In that case, positive, empathetic messaging will pay dividends far into the future.
Of course, just like any demographic, Gen Xers are a multifaceted group, with a range of nuanced and sometimes seemingly contradictory tastes and attributes, and engaging them in a meaningful way takes thought. Unsure about what your brand might have to offer Gen Xers in particular? Get in touch with us today.
