Generation X: Overlooked Spending Potential
Generation-X is that smaller generation smothered between Baby Boomers and Millennials that lacks the attention it deserves. Sure they might be the second smallest adult generation in the United States, but affluent Gen-X’ers have deeper pockets than their younger and older counterparts.
When it comes to money, they are the second largest generation based on their share of total net worth and share of total income.1 Gen-X’ers are ranked number one when it comes to when total net worth dollars and total income dollars are concerned.2 So why does this matter to you?
Upscale Gen-X’ers are a diverse group of people who have very different goals than other generations. One their biggest concerns are saving for their children’s college educations. In addition, people in this generation think a lot about personal health, recession, retirement and even global warming. Does this mean that they are pessimistic about the future? On the contrary, two-thirds of affluent Gen-X’ers are not only optimistic about the future of the US economy; they are even more optimistic about future luxury spending.3 Almost two-thirds of are planning to travel for pleasure, and luxury vintners and beer brands should celebrate because almost 60% plan on buying up this next year.4
So here is the bottom line. Gen-X’ers, especially those who are affluent, are a very complex group who, even though have pressing concerns, are more willing to spend luxuriously than their generational counterparts.
1Shullman Luxury, Affluence and Wealth Pulse. “Insights into Luxury, Affluence, and Wealth”. Market research article. PDF. 8 August 2014.