Table of Contents
Overview
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- What you need to know
- Key issues covered in this Report
- Definition
- COVID-19: market context
Executive Summary
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- Top takeaways: what Gen X consumers want
- Target audience overview
- Impact of COVID-19 on Generation X
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- Figure 1: Short-, medium- and long-term impact of COVID-19 on Generation X, July 2020
- Opportunities and challenges
- Challenge: fears of exposure alter shopping habits
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- Figure 2: Level of concern about exposure to the coronavirus, by generation, July 2020
- Opportunity: encourage increased use of ecommerce and prepaid pickup options
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- Figure 3: Changes in shopping behaviors because of COVID-19, July 2020
- Challenge: the recession has Gen Xers worried about money
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- Figure 4: Feelings about personal financial situation over the next three months, July 2020
- Opportunity: offer Gen Xers financial guidance
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- Figure 5: Percentage who are worried about being financially prepared for retirement, by generation, February 2020
- Challenge: their nests may not be empty
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- Figure 6: Family households, by age of own children and age of householder, 2019
- Opportunity: accommodate and cater to larger households
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- Figure 7: Average adult population per family household, 2000-19
- What it means
Target Audience – Key Takeaways
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- In-betweeners
- Families in transition
- Less wealth than older generations
Gen X by the Numbers
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- This generation’s place in history
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- Figure 8: Technology timeline, 1965-2020
- A 50 million consumer sandwich
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- Figure 9: US population by generation and age, 2020
- Racial and Hispanic makeup reflects immigration reform
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- Figure 10: Population distribution, by age and race/Hispanic origin, 2019
- More educated than their elders
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- Figure 11: Educational attainment, by age, 2019
- Still working, but there’s a light at the end of the tunnel
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- Figure 12: Employment status of US civilian population, by age, 2019
- Impact of COVID-19 on Generation X
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- Figure 13: Short-, medium- and long-term impact of COVID-19 on Generation X, July 2020
- Lockdown
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- Figure 14: Experienced and expected loss of employment income, by age, July 16-21, 2020
- Re-emergence
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- Figure 15: Last month’s housing payment status, among adults aged 40-54, July 16-21, 2020
- Recovery
- COVID-19: US context
- Learnings from the last recession
- Households will expand
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- Figure 16: Average population per household, 2000-19
- Regaining net worth
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- Figure 17: Median household net worth in 2016 dollars, 2007, 2010, 2016
Market Factors: Families and Households
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- Two thirds are married
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- Figure 18: Marital status by age, 2019
- Edging into empty nest territory
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- Figure 19: Family households, by age of own children and age of householder, 2019
- Gen X women get squeezed
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- Figure 20: Employment status of the US civilian population aged 45-54, by sex, 2019
Market Factors: Gen X Finances
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- Top earners
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- Figure 21: Median total household income in 2018, by age of householder
- Student debt persists for some Gen Xers
- Most, but not all, are homeowners
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- Figure 22: Homeownership rates for the US, by age of householder, 1982-2019
Market Opportunities – Key Takeaways
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- Offer value
- Understand their place as parents
- Break aging-related taboos
- Think of them as eventual tech adopters
Mintel’s Global Trend Drivers
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- Wellbeing
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- Figure 23: Level of concern about exposure to the coronavirus, July 2020
- Experiences
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- Figure 24: Gen X’s level of comfort with doing selected activities, July 2020
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- Figure 25: Changes in shopping behaviors because of COVID-19, by generation, July 2020
- Identity
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- Figure 26: Percentage who feel the brands they use reinforce their image, by generation, March 2019
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- Figure 27: Elements that influence Gen Xers’ personal identity, February 2020
- Value
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- Figure 28: Brand considerations – Recommendations, by generation, March 2019
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- Figure 29: Feelings about personal financial situation over the next three months, July 2020
- Technology
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- Figure 30: Social media platforms used at least once per week, by generation, June 2020
Competitive Strategies
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- Effective ads address challenges that Gen X parents face
- Tide is ready to help multigenerational households
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- Figure 31: Tide PODS® | Mega Modern Family, 0:15 commercial, January 2019
- California Walnuts knows teenagers can be trying
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- Figure 32: Life Isn’t Always Simple/Complicated Choices:30 | California Walnuts, October 2019
- Subaru understands parents’ protective instincts
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- Figure 33: Subaru “Always Watching” advertisement, November 2019
- Reaching Gen X DTC consumers without Instagram
- Bells & Becks
- MM LaFleur
- Brands offer consumers educational resources on YouTube
- Eva Longoria gets real on The Gram
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- Figure 34: How To Color Gray Hair At Home with Eva Longoria featuring L’Oréal Paris Excellence Crème, May 2020
- TD Ameritrade’s Green Room
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- Figure 35: TD Ameritrade Educational Content Is Here to Help You, September 2019
- Gen X women will bring a modern perspective to menopause
- Caria App
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- Figure 36: Caria: #1 Menopause App, screenshots, July 2020
- Pause Well-Aging
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- Figure 37: Pause Well-Aging hot flash cooling mist, July 2019
The Consumer – Key Takeaways
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- Only four in 10 Gen Xers feel their lives are stable
- The greying of America will impact Gen X
- Gen X parents want their kids to be ready for life as independent adults
- About a fifth of Gen Xers are already grandparents
- Most Gen Xers are worried about retirement
- Gen Xers may help resurrect the travel industry
Stuck in the Middle: Outlook and Preferences
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- Gen X seeks stability and contentment
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- Figure 38: Feelings about life right now, by generation, February 2020
- Most Gen Xers are stressed
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- Figure 39: Stressfulness of daily life, by generation, February 2020
- Slight majority still want to stand out
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- Figure 40: Preference for standing out vs fitting in, by generation, February 2020
- Not the most spontaneous generation, but not the least
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- Figure 41: Preference for living in the moment vs planning ahead, by generation, February 2020
- Gen X preference for spending mirrors Millennials more than Boomers
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- Figure 42: Preference for spending vs saving money, by generation, February 2020
Gen X and Their Parents
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- Most Gen Xers have parents over 75
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- Figure 43: Age of Millennials’ parents, February 2020
- Younger generations see their parents more often
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- Figure 44: Frequency of seeing own parents, by generation, February 2020
- Gen X is least likely to think they have it better than their parents did
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- Figure 45: Agreement that quality of life is better than own parents’ at this age, by generation, February 2020
- Confident they’ll know when their parents need help
- But less clear on a plan for aging parents
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- Figure 46: Attitudes about caring for aging parents, February 2020
Gen X and Their Kids
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- For Gen X, “parent” is a verb
- Household brands can win long-term loyalty
- Opportunities to educate kids and parents about money management
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- Figure 47: Skills Gen X learned and tried to teach their own kids, February 2020
- Gen X grandparents are active in their grandkids’ lives
- Baby brands can promote products to Gen X grandparents
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- Figure 48: Engagement with grandchildren, February 2020
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- Figure 49: Engagement with grandchildren, by generation, February 2020
Looking Toward Retirement
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- More than a third are disappointed by their careers
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- Figure 50: Percentage who are disappointed about their career, by generation, February 2020
- Retirement savings translate to success
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- Figure 51: TURF analysis – Success in America, February 2020
- Savings aspirations fall short
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- Figure 52: Signs of success vs milestones achieved, February 2020
- Majority of Gen X worries about funding retirement
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- Figure 53: Percentage who are worried about being financially prepared for retirement, by generation, February 2020
- Gen Xers want to travel when they retire
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- Figure 54: Retirement priorities, February 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Generational Definitions
Data Appendix – The Consumer
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- Figure 55: Median total household income in 2018, by race and Hispanic origin
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- Figure 56: Feelings about current financial situation, by generation, July 2020
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- Figure 57: Political views, by generation, February 2020
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- Figure 58: Agreement that one vote can make a difference, by generation, February 2020
- TURF analysis methodology
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- Figure 59: TURF analysis – Success in America, February 2020
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