As a Gen X’er, I loved reading a recent headline in the Huffington Post entitled Forget Millennials And Boomers. Gen X Will Save The Workplace.
Over the years, my generation has been noticeably absent from the conversation as praise was heaped upon Boomers and hype was abound for the millennials. Heck, my generation was so overlooked we didn’t even get a nickname.
As the article shares, Gen X’ers are the bread and butter of the workforce. They have toiled away in various businesses building skills and holding a variety of middle management positions. They’ve accepted change and adapted to new environments, new technology and changing business. They haven’t begged to take the reins. They’ve waited. Often patiently while being steady. They’ve often been chameleons blending in and doing what needs to be done.
The problem with this head down mentality is that Gen X’ers are getting tired and burned out. They’ve worked through more economic uncertainty the previous generations and haven’t felt the same type of workplace reward afforded in the heyday of the golden watch retirement parties. Experts are now warning businesses to take heed and make sure X’ers know their value and invest in them today. And if they aren’t already doing so – they should. Why? They own the intellectual capital of organizations and they will be your next leaders.
But this isn’t just a call to action for business leaders – it’s also a call to action to us as marketers, and we should ask ourselves the same questions. While we courted Baby Boomers and Millenials did we ignore this smaller, yet highly influential demographic? It’s clear that this group of Gen X’ers, although not the largest demographic still has strong buying power.
In fact, a 2016 survey by Makovsky Integrated Communications reported that Gen X has disproportionately more spending power than any other generation in history. Over 40% of this generation has an income over $100,000 and has over $1300 of disposable income each month. The other big kicker? Approximately 70% of Gen X’ers are brand loyal. They aren’t busy shopping around for the next big thing or more savings. In fact 79% will spend more to make their lives easier. As a Gen X’er – I can relate to nearly all of the facts. And as marketers – who doesn’t want the loyal consumer with money!
I might be a demographic sandwiched between two other powerful groups and I take on some of the identities of both, but is that a bad thing? Chances are if you understand Boomers and Millenials, you understand Gen X. Just take some of the characteristics from both and you are getting close to the target.
Don’t forget Gen X’ers are still relatively young – leaving you probably 30-40+ years to continue to capture sales from this loyal consumer and help influence their kids – Generation Z.
As far as I’m concerned, X’ers like me are a pretty good investment for your business and your brand that should pay off handsomely in productivity on the job and ROI for your brand spend.
