Generation X was once referred to as the “lost generation” due to the fact that they belong to an age group that is smaller than their predecessors, those who were born in the boomers. Actually, this group was so tiny in comparison that they were called the “boom echo”. This is why and as time passes, the group has become ostracized in both studies on organizational and business development. They are now pushed between two large generations, Boomers and Generation Y. They are also not acknowledged for their distinct characteristics and habits.
They are, however, old enough to make significant purchases, like cars and homes are an integral part of their lives. For those who are seeking buyers, this segment must not be left out.
From the latchkey to the boomerang:
Generation X faced a difficult economic time seeing their boomer parents work long hours for companies and then be restructured or fired in the event of a downturn in the economy. This led to unease with employers and even politicians. While at the same time, they tried to attain the financial independence they deserved from their parents but, in many instances, ended up becoming “boomerang” kids and were the ones who kept returning to their parent’s homes as they were unable to find work that could support their lifestyle.
When they were growing up as a child, they were “latchkey children who were being left on their own as their parents went off to work. With increasing divorce rates in their parent’s boomer generation and the weakening economy, the generation that was born struggled to find a way for themselves. This situation pushed them to be resilient and self-reliant, prompting them to want to make on their own.
Could that be the motive behind why Google, Yahoo, and Amazon have risen to new heights? It’s because Generation Xers were forced to figure out their own way instead of relying on the world of business to guide them?
Because of the experiences of this generation, the generation today is a family-oriented one and believes in the balance between work and life. They are tech-savvy and well-educated (over 60% attended college) and are able to adapt to change, and are accepting of lifestyles that are different. A lot of them waited until the end of their 20s or early 30s to get married. Therefore they take their parenting seriously. Returning to the role of stay-at-home mothers (unlike generations of boomers) is a decision they make due to their belief that it is essential to spend time with children in the early years of development. They could be referred to as caring consumers’ since they spend money, but they make it a conscious decision. They search for products and services with recommendations from fellow consumers. They also read online consumer reviews and integrate them into their purchase decision making. They’ll spend. However, they are budget-friendly in that they compare shops and search for items and services that are thought of as family-friendly and also affordable.
The concerned consumer:
What can this information do to help us in engaging this generation and keep their trust as potential customers?
While this group is lower than Boomer or Generation Y cohorts, they are at a stage in which large purchases are made. They are the ones who are securing mortgages, buying cars and taking trips on an adventure. They have an income that is disposable because they are employed for a long time and yet recognise that they are far from retirement and the financial limitations that accompany this stage of life as they grew up in the era of internet-based technology and have become tech proficient and are at ease with all types of media and advertising – both traditional and online. However, they have also dedicated researchers. They will study any product or service thoroughly before making a purchase decision.
What the discerning consumer is likely to purchase:
Generation X looks for products and services that have these characteristics.
Organic, sustainable, and healthy
Family-friendly
a variety of options for purchasing
many options
chance to compare shop
review of consumer experiences
customer service responsiveness
designed to meet their particular preferences and requirements. They don’t like the idea that a single size is all.’
the best price for the value for money.
Generation X has grown into a self-reliant, resilient, and flexible consumer group. They appreciate diversity and trust, and they make use of their information when searching for products and services that can improve their lives as well as those of their families. Remember that they’re more loyal to their brands than other groups, so if you can capture their attention and react effectively and in a timely manner to their suggestions, They’ll remain one of your top customers.
Donna Stevenson is the owner of Boomer Match to Business (BM2B). Her expertise is in the field of leadership training and engagement of employees. She has worked efficiently with the three generations of staff: Boomers and Generation X, and Generation Y. In her work, she is a specialist in matching experts in the business with needs. The BM2B team of business experts aids businesses to increase their revenues with a minimal amount of money, time and energy.
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