Generation X has been lost in the race to win over the Millenials. This might be because Millenials outnumber Generation X 74 million to 66 million but marketers are missing a key statistic, spending power. Gen X is working with 18% of total US spending power or $736 Billion. They are at a prime age (34-54) for job security and make an average higher income than their millennial counterparts. I’m going to cover some statistics on why you should be taking time in your marketing schedule to pinpoint the “Lost Generation”.
Generation X values the in-store experience. They were stuck in the middle when it came to technology and the use of the internet making them value shopping in malls, local stores, and small businesses. In a survey conducted by TimeTrade, 92% of respondents aged 35-44 said they prefer to “Touch and Feel” the product before they buy. This is astonishing! They also prefer to get what they want now. 38% of the same respondents prefer to not have to wait for an item to ship when choosing where to shop. Make it easy for shoppers to try on and feel out your products. Quick, easily accessible changing rooms and mirrors will help convert the sale. Be sure to have stock of your best selling products in order to close the sale immediately and entice consumers to buy now.
In-store experience can make or break the deal with this Generation. 70% of 35-44-year-olds said that if different retailers have the same product at the same exact price they will go with the most positive in-store experience as the deciding factor. A few key factors that could play into a positive experience are educated associates, cleanliness, organized product, and overall atmosphere. Check out our post on Increasing Your Brick-and-Mortar Customer Experience to beat out the competition.
Generation X is highly skeptical of advertising. They prefer to do their own research on products and companies before they decide to buy. If you want their loyalty you’re going to have to earn it. Be transparent. Consumers want to know the truth about who and where they’re getting their products from. Creating a “face” for your establishment helps build this trust. Featuring employees on your website or social media creates a bond with the consumer. Highlight your strengths. Are you a family-owned business? Are you independent? Have you been around a long time? These are all great strengths that show the consumer your true colors and builds a relationship. It can establish that you know what you are doing.