Instructions: The age cohort group you will research this week is Generation X. This report should include, but is not limited to, the following information: a. Overall description of the group (demographics: education, income, location, marriage, children, percentage of population, etc. ).
B. Attitudes of this age group. C. Spending (what products, brands, etc. ) / saving patterns of this age group. D. Product development for this age cohort.
E. Marketing (advertising and sales promotions) approaches to be used when targeting this customer. F. Citations need to be used when necessary. G. Reference list.
Answers (See Report Below): Generation X Demographic: Generation X, also known as Baby Busters, MAT Generation, and the X Factor were born betterments to 1976. Other reports consider 1965 to 1981 or from 1964 to 1981 as the Gene X era. This population is the offspring of the Baby Boomers. This group of people range in age from 32 years of age up to 49 years of age. Males and Females from this generation have the highest population percentage in the age range of 35-39 at a rate of 4. 02 percent for males and 4. 05 percent for females (consequences.
Org). Source: “United States Age Distribution”. Consequences.
Org. Tap:// www. Consequences. Org/us/chart_age. HTML According to Ethan Lyon, the population of Generation X is estimated to be approximately 50 million and they are considered to be highly educated with approximately 60 percent having attended college (sparrow. Com). Generation Seers who hold a bachelor’s degree cover a third of the population and 11 percent have graduate degrees (power. Com).
This group of people is so involved with their career that approximately a third of this population work over 60 hours per week and career paths are sometimes determined by their debt and not having enough for retirement.This group is also having fewer children with 43 percent of women and 32 percent of men do not have children because of the economic state they live in and also the high divorce rate this group faces. Attitudes: The attitude of Generation X is as diverse as Gene Y. When Generation Seers were young, they were known to be slackers, but gained their independence early in life genre was raised in a significant paradigm shift and faced gas shortages of the ass, rising crime rates, rise of the AIDS crisis, and was affected by the dot. Com bubble burst (destination.
Com). This generation mistrusts the government and the reporter world.They research products and check reviews before making purchases.
This generation uses social media and networking sites. They want services to be there when they want it and not when it is available. They are looking for likeness and a sense of connection among people and products. Spending / Savings: Generation X is making far less than their parent’s and has a lower net worth because their priorities are less concerned with climbing the corporate ladder, because they do not believe their companies have their backs for their loyalty and instead Gene X end up change Jobs frequently.
Generation X has a flat or declining income growth and because they are making less, this group is not likely to purchase luxury items and instead they spend more towards the family instead of on themselves (destination. Com). Some of the factors for less income are due to the limited jobs available in the current economy.
Because of the poor economy, “Many of this generation were forced to return home at an age when independence would typically be the norm. ” (valuations. Com). This generation also feels that they are behind financially and feel pessimistic about their financial security.
Generation Seers lived through and continue to face an economic decline, but they also faced high unemployment and excessive amounts of debt. The average debt for Generation X was around $1 11,000 and their net work declined approximately 59 percent in 2010(nephews. Com). This generation is also concerned if they have enough for retirement. About half of the Gene X population is not confident they have enough for retirement and “about two out of five people are without any meaningful thoughts about retirement because they’re struggling to make it work day to day.
” (newbie. Com). Product Development:Generation Seers fall under pragmatics, thrillers, and disenfranchised segments. Marketers need to develop products for this generation by covering these areas. Pragmatics is the byproduct of the information age.
They believe in practical approaches and understand the ins and outs of media and marketing. Product developers need to ensure their products are practical for use. Thrillers need speed. They enjoy the X-Game type of activities such as boarding and skydiving. They want adventure and thrills that was unique.
Developers need to provide products that tailor towards the need for gaining speed, aerodynamics and friction reduction etc.The Disenfranchised group feels cheated and feels like they are facing the middle child type of treatment and being left out (sparrow. Com).
They that are important to this group such as technology, family, personal and group oriented achievements, and also provide the attention that they crave, while maintaining an environmentally friendly product and or service. Because this group covers many different spending avenues for practicality, sport, and providing the needed attention this group craves. Marketing: When marketing to the Generation Seers, marketers need to include media such as elevation and social networking into the mix.