A quick note for Generation X
We need to talk about the importance of Generation X and the universal lack of consideration for their tastes and consumer profile. Robert Klara, of Adweek, suggests that this group of consumers has largely been ignored by marketers because of their size and reluctance to adhere to a distinct “generational” personality. Gen Xers have been commercially relegated to middle child status and overlooked by brands and industry research since the economic peak of the Baby Boomers and the thrilling appeal of the large and unique demands of the Millennials. But today, Gen Xers have more purchasing power than any other generation, despite their lack of cultural distinction.
Here’s the staggering point: it is known that marketers have a goldmine of thriving, and maturing, consumers right in their line of sight. But they continue to look in the other direction toward the larger, younger, and noisier Millennial segment.
Nonetheless, the Gen X demographic is a sizeable 60 million people nationwide and makes up around 17% of the Tampa Bay area’s present population size, in particular. Another important trend to note is that the most racially diverse group of home buyers recorded in the last year was Gen Xers, ages 37-51 years old. This generation continues to introduce first-time homebuyers into the market as well, with 26% of Gen X Home Buyers purchasing their first house in 2016. For what they lack in size, Gen X makes up in noteworthy economic diversity.
So what do their tastes and habits look like for the Tampa Bay market? To start, according to the 2017 Home Buyer and Seller Generational Trends Report, published by the National Association of Realtors, there is an enormous amount of activity within the Generation X segment of the market. The study states that buyers ages 37-51 have the highest median priced homes of all other buyer segments, and purchase the most square footage on average.
Not surprisingly, Gen X is a digitally savvy group with an adept capability of navigating the world through their fingertips. Meaning that they capitalize on available home buying technologies like Zillow and are a recognizable presence on social media. We believe the best way to approach the Generation X market is to simply acknowledge them, and continue to be excited about their presence in the market.
So, hello Gen Xers! No one can be sure of your exact ages, and contrary to popular belief, generational patterns aren’t a science. We aren’t concerned with the stereotypes they carry. We just want to extend an acknowledgment of your value to our economy and thank you for carrying the housing market along with your growth and maturation. We hope that one day everyone will do the same.
