Wednesday, May 10, 2017

Millennials, Millennials, Millennials! That's all I ever hear. But what about...

Millennials are receiving more and more attention. Companies are developing marketing plans to target this demographic; the news media constantly features the sometimes erratic and wild behavior of this demographic; politicians tweet to influence; while the education system caters to their emotional needs.

It's easy to understand why everyone is clamoring: Their size is bigger than the Baby Boomer generation and they're on the cusp of becoming the generation with the most spending power and influence. What's not easy? Figuring them out. According to Goldman-Sachs, "Millennials have grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations." Point taken.

But what about...the GenXers? It almost sounds like the middle-child (Jan Brady) syndrome, where the GenXers is often forgotten, being sandwiched between Baby Boomers and Millennials. According to AdWeek, "The numbers tell the story. Last year, CNBC analyzed a large sample of companies' earnings calls with Wall Street analysts. In 17,776 transcripts reviewed, companies mentioned Generation X just 16 times. While executives gave millennials plenty of love, the network noted, 'companies do not seem to pay much attention to Gen X at all.'"

Interesting facts about the GenXer:
  • Born between 1965 and 1982 (they are in the mid-30s to around 50)
  • Have a sense of doom
  • Have been called the "Latch Key Kids," the "New Lost Generation," and the "Why Me Generation."
  • Only 49% think they are unique.
  • Only 41% associate themselves as Xers.
  • It is a smaller group than Boomers (77 million) and Millennials (83 million) at only 65 million.
Even more interesting facts as to why marketers should NOT ignore GenXers.
  • They have $125 billion in spending power.
  • 31% of the income dollars are in America.
  • They have the highest brand loyalty.
  • 81% are "moderate" to "extreme" brand loyalists.
  • 81% shop online, spending over $1,900 per Xer on average per year.
  • 75% are happy with their lives.
Given these facts, marketers will do well not to be distracted by the hype of Millennials and the demands of Baby Boomers, and pay a lot more attention to the "middle child."


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