According to SymphonyIRI’s Q3 2012 MarketPulse study, Generation X generally has a positive outlook on the economy, but are more frugal than baby boomers and seniors. On the surface, it may seem Gen-Xers have more in common with boomers, but the reality is that they share many of the same penny-pitching, tech-savvy traits of Millennials, says the report.
Susan Viamari, editor of Times & Trends, SymphonyIRI, says “... sandwiched between baby boomers and Millennials, Gen-Xers are aged 35 to 44... sometimes referred to as the ‘ignored generation’... and their spending power should not be overlooked by CPG retailers and manufacturers.”
CPG Shopping Behavior (% of Respondents)
Buy brands on sale vs. preferred brands
Select products to create more meals at lowest price
Chose products base on loyalty card discounts
Stear clear of certain aisles to avoid unplanned purchases
Source: SymphonyIRI, October 2012
Gen-Xers were graduating from college and entering the adult world after the 1987 stock market crash and the recession that followed, so many were left jobless and moved
in with their parents, says the report. This “bleak inheritance” shaped their future financial attitudes and shopping behaviors much like The Great Recession has influenced Millennials.
Even though Gen-Xers are more financially optimistic versus the average shopper... 24% think their financial situation has improved during the last 12 months, and 37% feel their finances will improve during the coming year... this generation is very cost conscious and careful about their purchases.
According to MarketPulse survey results of Gen-Xers:
Gen-Xers also do their homework before heading to the store:
Millennials (GenY) are often touted as the most tech-savvy generation, but Generation X is actually on par with Millennials and more “wired” than boomers and seniors when it comes to CPG-related behaviors:
Viamari concludes that ”... Millennials are trying to get their feet on the ground... going to take them longer than older, more established shoppers... but the good news is that all age groups are beginning to show signs of optimism, boding well for CPG marketers... “
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