The Wealthiest Generation is Being Ignored

• Generation X is poised to be the wealthiest generation in history as $70 trillion will be passed on to them but feel marketers are forgetting them.
• Experts say marketers should not ignore Gen X and should study their shopping habits or they will miss out on this wealthy group of consumers.
• Learn stats and insights into Gen X, and discover why it will pay dividends to allocate more marketing resources to this highly valuable demographic.

View the full article with stats and key takeaways on the Interest Media website >>

The Wealthiest Generation Ever Says They Feel Unseen By Marketers

Baby boomers are expected to pass $70 trillion down to Generation X, making them the wealthiest generation in history, according to a report by Marketing Dive.

Wavemaker recently issued a report that detailed how the industry is leaving the increasingly valuable Gen X demographic behind. According to their study, only 13% of Gen Xers say they feel seen in social advertising.

With marketers hyper-focused on Generation Z advertising, largely driven toward social media, and TikTok in particular, all the previous generations do appear to be overlooked.

However, experts say Gen X, currently between the ages of 45-60, should not be ignored, as they account for 31% of the global population and 27% of global spending. Further, their savings and earnings are both steadily increasing. Not only do Gen Xers have a substantial nest egg accumulated, but it will grow significantly as this demographic group is poised to inherit trillions of dollars in the coming years.

The Shopping Habits of Generation X

Generation X, and all generations in actuality, favor buying products at a store in person over any other channel.

Generation X shops online more often than they visit brick-and-mortar stores, however, in practice, in the past three months, they have discovered more new products and made more purchases in retail stores than through any other marketing channel.

Besides social media and Internet searches, the other ways Gen X discovers new products are television ads (55%), YouTube ads (48%), and streaming services (48%, e.g. Hulu.)

Gen X’s preferences don’t match their habits

“Forty-three percent of Gen X say a retail store is where they have discovered the most new products in the past three months,” – HubSpot study 2023

What Generation X claims as a preference for product discovery, doesn’t align statistically with their actual habits. Even though Gen X prefers social media and Internet search as their preferred product discovery channels (both 58%), in the past three months of 2023, the majority of Gen Xers say retail stores (43%) have been the channel where they have actually discovered the most new products as compared to social media (42%) and television ads (41%), and Internet searches (40%).

MOST OF GEN X USE OF SOCIAL MEDIA

“92% of Gen Xers use social media daily, with 75% using Facebook, while 35% use TikTok, becoming its fastest-growing user base,” –Wavemaker study 2023

With the overwhelming majority of Generation X using social media on a daily basis, it is one of the most important marketing channels for reaching this demographic.

“Generation X accounts for around 35% of social media users in the United States,” – ZipDo

The majority of Gen Xers who use social media daily spend an average of 3 hours and 25 minutes doing so, while only 14% spend under an hour.

What social media platforms does Gen X use?

“Seventy-five percent of Gen Xers use Facebook,” – HubSpot

According to HubSpot’s study, of the 92% of Generation X who use social media daily, in the past three months, 75% used Facebook, 71% used YouTube, 49% used Instagram, 35% used TikTok, 34% used X (Twitter), and 24% used Snapchat.

Gen X is TikTok’s fastest-growing user base

“Gen X now 28% of TikTok’s user base,” –Wavemaker study 2023

Marketers have been hyper-focused on TikTok as a marketing platform as it is the most popular among Gen Z and Millennials. So much so, that even television ads are starting to mimic the style of TikTok videos in an effort to appeal to the Gen Z demographic.

Key Takeaways

Potential to be the most valuable demographic: A number of independent studies agree that Generation X has a substantial nest egg for spending, but will soon inherit trillions in the coming years and become the wealthiest generation yet. This presents a huge opportunity for brands seeking to gain this brand-loyal, generation that is highly engaged on social media. These wealthy consumers could prove to be even more valuable as customers than Millennials and Gen Z.

For the full article with stats and important key takeaways, visit the Interest Media website >>

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