By Charlotte Naim, Head of Business Development, Zoomd
Much has been written about marketing to Millennials and Gen Z.
With greater discretionary income and perhaps more time on their hands, marketers who don’t consider Baby Boomers (born from 1946 – 1964) and Generation X (born from 1965 – 1980) are missing an opportunity and a lot of potential revenue.
The sins of the parents…
As parents, Boomers were the first generation with extensive dual-income families, which enabled this generation to provide more financial assistance to their kids growing up. This also resulted in Gen X spending time unsupervised after school, as many mothers and fathers worked. The better financial status of most families also led to an increase in divorce rates, as parents had the financial well-being to separate.
It’s Gen X’s upbringing that has impacted the generation. If Boomers are team players loyal to their companies, Gen X, who grew up with less adult supervision, will put their personal and professional interests ahead of their company’s interests. This individuality might be why 55% of start-up founders are from Gen X, the most of any generation.
Gen X’s upbringing came back like a “boomer-ang” when they became parents. While Boomers had no problem letting their kids play outside until late, Gen X parents famously adopted helicopter parenting, becoming extensively involved in their kids’ social and educational activities, not always pleasing their Millennial and Gen Z kids.
Generation X: Much Mo’ money
If there is only one data point that you remember from this post, this is the one: According to data from ICSC (International Council of Shopping Centers), Gen X comprises only 19% of the US population, but they drive 31% of all in-store and online spending. The study analyzed $5 trillion of in-store and online purchases across 426 retailers over five years, so it was quite comprehensive.
One unique data point about Gen X is that 74% are caregivers, either for aging parents, kids, or both. And according to the research, this affects their spending. The research also found Gen X more optimistic than Boomers and far more upbeat than Gen Z. And despite being in their 40s and 50s, 80% pay via self-checkouts and two/thirds use mobile apps and social platforms for product discovery and purchases.
Though 92% of Gen Xers use social media daily, only 5% of influencer budgets are directed at this generation. So if you can find the right and relevant creators, influencer marketing would be an effective tactic for targeting Gen X, along with social media, in-app and email ads, as well as print, radio, and TV ads.
Gen X is optimistic, individualistic, and considers itself cool. Just don’t call her Karen.
Baby Boomers: Enjoying the good life
If Gen X is dealing with aging parents as well as their kids, Boomers have fewer worries. Their parents passed away years ago, and their kids have left the nest, giving them lots of free time and money. And despite their age, they’re a larger generation than Gen X (as a result of the ‘Baby Boom’).
While Gen X is experiencing greater retirement challenges supporting parents and often kids, they’re also dealing with issues like student debt, rising healthcare and housing prices, a more volatile market than their parents experienced, and the shift from pensions to 401(k) programs. This challenge for Gen X means that Boomers often have greater financial security, creating an opportunity for marketers.
Marketing to Boomers should be honest and straightforward (not because of their age but due to their values). Being ‘over the top’, too cute, or too technical can alienate Boomers, pushing them to a competing product or service offering.
As a generation that grew up during the growth of TV, Boomers still engage with traditional media, including TV, radio, and print. That said, Boomers are active on Facebook, read email, and watch streaming TV as well. Therefore, an integrated campaign that includes online and offline communications could be the most effective way to target Boomers.
George Bernard Shaw said that ‘Youth is wasted on the young.’ Madison Avenue has traditionally focused on youth, but marketers shouldn’t forget the tremendous financial opportunities of targeting the wealthier Boomers and Gen Xers.
