GEN X MORE LIKELY TO DRIVE CONSUMER PATTERNS
Despite their former “Reality Bites” persona, Generation X men love to spend money according to consumer-trend research commissioned by GQ magazine, entitled “Xoomers: the 10-year Rise from Zeroes to Heroes.” GQ found that men ages 25-39 are a “highly powerful” shopping group and are making a significant impact on the retail marketplace as compared to their predecessors. For example, Gen X men are currently outspending Baby Boomers (40-59 year old men) by 19% across all product categories, and are 15% more likely to pay a premium for luxury goods. Apparently, the “trading-up” trend isn’t stalling anytime soon as some have feared, since GQ also found that Xoomers are 68% more likely than Boomers to increase luxury spending over the next decade. Gen X is also 31% more likely to pay a premium for beer, wine and spirits than Boomers.
WSD believes alcoholic beverages are seen as an affordable luxury and a less-expensive way to essentially show-off without draining too much on the bank account, since buying premium alcohol is a cheaper way to gain an impressive image then, say, buying the latest SUV or $600 handbag. Modern consumers also seem to view premiums and super-premium products as having a much better quality and taste than their cheaper counterparts. (“It must be better if it’s more expensive. So, if I can afford it, why not buy it?”)
"Our research shows that marketers have tremendous incentive to throw away the stereotypes about the Xoomer generation and recognize their strong purchasing power and an increasing appetite for luxury goods," said Peter King Hunsinger, vice president and publisher of GQ, in a statement.
THEY’LL TRY ANYTHING ONCE. Xoomers are 3-times more likely than Boomers to want to be the first among their friends and family to discover the latest trends, and almost twice as likely to try new products before anyone else. (So that’s who’s buying all the blueberry and watermelon flavored vodka.)
Generation X should be a prime target for marketers, and not just the men. As WSD has previously reported, several studies have shown that people in their 30s – particularly single people – make ideal consumers. They have the money to spend, and for most, image is everything.
GQ magazine commissioned TWENTYSOMETHING™ Inc., an independent marketing research firm in Philadelphia, to conduct the study, where a total of 1,204 surveys were completed between February and March 2006.
WSD believes alcoholic beverages are seen as an affordable luxury and a less-expensive way to essentially show-off without draining too much on the bank account, since buying premium alcohol is a cheaper way to gain an impressive image then, say, buying the latest SUV or $600 handbag. Modern consumers also seem to view premiums and super-premium products as having a much better quality and taste than their cheaper counterparts. (“It must be better if it’s more expensive. So, if I can afford it, why not buy it?”)
"Our research shows that marketers have tremendous incentive to throw away the stereotypes about the Xoomer generation and recognize their strong purchasing power and an increasing appetite for luxury goods," said Peter King Hunsinger, vice president and publisher of GQ, in a statement.
THEY’LL TRY ANYTHING ONCE. Xoomers are 3-times more likely than Boomers to want to be the first among their friends and family to discover the latest trends, and almost twice as likely to try new products before anyone else. (So that’s who’s buying all the blueberry and watermelon flavored vodka.)
Generation X should be a prime target for marketers, and not just the men. As WSD has previously reported, several studies have shown that people in their 30s – particularly single people – make ideal consumers. They have the money to spend, and for most, image is everything.
GQ magazine commissioned TWENTYSOMETHING™ Inc., an independent marketing research firm in Philadelphia, to conduct the study, where a total of 1,204 surveys were completed between February and March 2006.
posted at 10:25 AM
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