Gen X is the generational middle child often overlooked by beauty marketers. Millennials are 75.4 million strong with Boomers right behind at 74.9 million, but what about the 66 million Gen X’ers? While they make up only 25% of the population according to Forbes, they represent 31% of the spending power. According to Karen Grant, a global beauty industry analyst at the NPD Group, Gen X’ers are “highly engaged users.” She also notes that “in the 35- to 54-year-old group, more women are using five or more makeup products, which is more than the 18- to 24-year-olds and as many as 25- to 34-year-olds. We’re seeing increases in that age group actually using more makeup products.”
Take a look at Gen X:
- Born between 1966-1976, the oldest Gen Xer is now 50
- According to PEW Research Center, projected to outnumber the Boomers in 2028 when there will be 64.6 million Gen X’ers and 63.7 million Boomers
- The Census Bureau projects that the Gen X population will peak at 65.8 million in 2018
- Among the most highly educated generation in the U.S.: 35% have college degrees vs. 19% of Millennials.
- 55% of startup founders are part of Gen X
- Gen X’ers built the bridge from analog to digital and are tech savvy, much like digital-native Millennials
- 81% of Gen X are on Facebook, and 5.9 million have Snapchat accounts
- Although they have purchasing power (31% of U.S. income, but just 25% of the population), they have less wealth than their parents did at their age, 25 years ago
- They claim to rarely go to department stores to shop for beauty products
- Highly engaged users – using five or more makeup products
If companies don’t offer GenX what that want, they’ll find it somewhere else, even if that means venturing into the land of millennial marketing, because Gen X is nothing if not scrappy. So, marketers, you may want to have another look at the generational middle child.
For more go to Racked.