Canada Marketing to Gen X Consumer Report 2024
£ 3,695 (Excl.Tax)
Report Summary
There’s nothing especially unique about Gen X – and that’s exactly what makes them especially unique. They share some tendencies with Millennials and others with Baby Boomers; and the fact that many are parents of Gen Zs gives them a close connection to that cohort, too.
They’ve often been overlooked as a small generation sandwiched between two larger groups. But today, they hold the unique position that simultaneously has financial stability and earning power, combined with uncertainty about the next phase of their lives – namely retirement and empty nests. At a time when the spotlight is on larger generations and Gen Z, Gen X presents opportunities that no other cohort offers today.
This report looks at the following areas:
- An overview of Gen X demographics and a look at why Gen X is a valuable target
- Gen X’s media consumption habits – including social media, video and audio content
- The digital behaviours Gen Xers engage in regularly, as well as their perceptions of different digital media platforms
- How much free time Gen Xers have – and what they do with it
- Gen X’s expectations and plans for retirement
- How different influences affect Gen X’s purchase decisions
Gen X bridges the gap between Millennials and Baby Boomers. They’re higher earners at a stable life stage – but are facing considerable change on the horizon.
Scott Stewart, Associate Director, Lifestyles & Retail
Table of Contents
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Executive summary
- What you need to know
- What consumers want & why
- Market predictions
- Opportunities
-
Target audience overview
- Gen X by the numbers
- Gen X will never be the biggest generation
- Graph 1: population and projections, by generation, 1996-2046
- Gen X is less culturally diverse than younger generations
- Graph 2: population distribution, by ethnic or cultural origin, 2021
- Gen X has wealth and experience
- Graph 3: total value of savings/investments, by generation, 2024
- Graph 4: time since first investment purchase, by generation, 2024
- Generation X is overrepresented outside of downtown cores
- Graph 5: population distribution by area, by generation, 2021
- Market context
- Gen X is more likely than younger generations to shop local
- Graph 6: self-description of shopper type – local, by generation, 2023
- Married households will start to become less common in the years ahead
- Graph 7: not married and not living common law – by status, by age, 2023
- Graph 8: married or living common law, by age, 2023
- Gen X is entering a stage of more complex family situations
- Gen X is very focused on inflation
- Graph 9: any rank), by generation, 2024
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Consumer Insights
- Consumer fast facts
- Consumer fast facts continued
- Why Gen X?
- Gen X has the highest income
- Graph 10: average income*, by age, 2022
- The Gen Xers are in charge
- Most of Gen X is employed
- Graph 11: employment status, by generation, 2024
- The majority of Gen X are homeowners
- Graph 12: own a home, by generation, 2024
- The key housing difference vs Millennials is how much they’re spending…
- Graph 13: share of net income that goes towards mortgage payments, homeowners by generation, 2024
- …and the size of those homes
- Graph 14: home size is 1,500 square feet or more, homeowners by generation, 2024
- Less debt means more funds for spending or saving
- Graph 15: currently have unsecured debt (NET), by generation, 2024
- They’re more experienced with managing their money
- They’re healthier than Baby Boomers
- Graph 16: physical health – very healthy, by generation, 2024
- A stable, valuable consumer group
- How Gen X compares to…
- Gen X as parents
- Remember that most Gen Xers are parents
- They’re parents of kids both inside and outside of the home
- Graph 17: parental status by age of children in household, Gen X , 2024
- Graph 18: parental status of adult children outside of household, Gen X, 2024
- Most are past the point of day-to-day caregiving
- Leverage TV time as a shared family moment for Gen X
- Graph 19: how parents spend time with their kids, 2024
- Take advantage of content that parents and kids can enjoy together
- Give Gen X parents a way to reconnect
- Gen X parents are at the centre of evolving family dynamics
- Gen X media consumption
- They aren’t leaders, but Gen X consistently uses digital media
- Graph 20: sites/apps used daily, by generation, 2024
- Use different platforms to target Gen X men and women
- Graph 21: sites/apps used daily, Gen X by gender, 2024
- Gen X uses both streaming and linear TV
- Graph 22: access to video content services at home, by generation, 2024
- Many of them have adopted digital audio services, too
- Graph 23: subscribe to an audio streaming service, by generation, 2024
- Graph 24: audio services subscribed to, Gen X, 2024
- Strike a digital balance with Gen X
- Gen X’s digital behaviours
- Digital tech is an everyday part of Gen X’s lives
- Graph 25: weekly digital behaviours, Gen X, 2024
- They aren’t leading the way, but are still users
- Graph 26: weekly digital behaviours, by generation, 2024
- Gen X approaches digital tech with a critical eye
- Parents can be influenced by their children
- Graph 27: weekly digital behaviours, Gen X by parental status, 2024
- Use podcasts to target affluent Gen Xers
- The ‘in-between’ generation is experiencing a second wave of digital learning
- How Gen X spends their free time
- Gen X has free time now, and will have more soon
- Graph 28: amount of free time to yourself on an average weekday, by generation, 2024
- Two ways of looking at it
- The free time conundrum: to do something or to not
- Graph 29: ways of spending free time – active focus, Gen X, 2024
- Graph 30: ways of spending free time – relaxing focus, Gen X, 2024
- Free time activities are another example of Gen X as the bridge between Baby Boomers and Millennials
- Graph 31: ways of spending free time – relaxing, by generation, 2024
- Graph 32: ways of spending free time – active, by generation, 2024
- Making Gen X part of a larger strategy
- Focus on affluent Gen X activities
- Graph 33: ways of spending free time – exercising, Gen X by financial situation, 2024
- Combine free-time activities for optimal impact
- Anticipate future demand in health
- Graph 34: benefits of maintaining good physical health, by generation, 2024
- Books + coffee = time well spent
- Gen X has developed an interesting relationship with work
- Graph 35: ways of spending free time – work, by generation, 2024
- A healthier work-life balance: less work and more life
- Gen X women are an opportunity for retailers
- Graph 36: ways of spending free time, Gen X by gender, 2024
- It’s not shopping, it’s “browsing”
- Navigating the middle ground that Gen X is in
- Gen X’s retirement plans
- Gen X hasn’t retired yet, but Baby Boomers show how quickly it happens
- Help Gen X assuage fears about retirement
- Graph 37: “I worry that my retirement income will be inadequate” – agree, by generation, 2023
- There’s a mix of excitement and stress
- Gen X can make (some) changes to retirement plans
- Government pensions and personal savings will do most of the work
- Graph 38: expected funding sources for retirement, Gen X, 2024
- Retirement plans are becoming clearer
- Retirement plans vary significantly across income levels
- Graph 39: expected funding sources for retirement, Gen X by household income, 2024
- Couples are more prepared than single Gen Xers
- Graph 40: expected funding sources for retirement, Gen X by marital status, 2024
- Gen X retirement conversations need to be targeted
- Leverage the platforms high income Gen X use
- Graph 41:
- Retirement isn’t just about the money
- The possibility of a mid-life crisis
- The opportunity is to fill that gap
- Create excitement about the pursuit of new goals
- Get ahead of the market by anticipating Gen X’s upcoming needs
- Perceptions of YouTube and social media platforms
- Facebook is the leading platform
- Graph 42: sites visited daily, Gen X, 2024
- Gen X users will be skeptical about ads they see on these platforms
- Graph 43: has too many advertisements, Gen X, 2024
- Facebook truly is a “social network”
- Graph 44: attributes associated with Facebook, Gen X, 2024
- Graph 45: attributes associated with Facebook, by generation, 2024
- The pros and cons of marketing to Gen X on Facebook
- YouTube is fun and informative
- Graph 46: attributes associated with YouTube, by generation, 2024
- Graph 47: attributes associated with YouTube, Gen X, 2024
- Gen X doesn’t watch long YouTube videos like Gen Z and Millennials do
- Graph 48: “I regularly watch long videos on YouTube” – agree, by generation, 2024
- The pros and cons of marketing to Gen X on YouTube
- Instagram users are more receptive to brand information
- Graph 49: attributes associated with Instagram, Gen X, 2024
- Graph 50: attributes associated with Instagram, by generation, 2024
- The pros and cons of marketing to Gen X on Instagram
- Finding the right fit for marketing goals
- Influences on Gen X purchase decisions
- Make sure to create a user-friendly, informative website
- Graph 51: categories where purchase decisions are influenced by store/brand websites, Gen X, 2024
- Smart appliances need a full explanation on their websites
- Graph 52: “I currently own a connected/smart appliance” – agree, by generation, 2022
- Walking a fine digital line with Gen X shoppers
- Travel brands should leverage online marketing tools
- Graph 53: categories where purchase decisions are influenced by YouTube, Gen X, 2024
- Graph 54: categories where purchase decisions are influenced by social media, Gen X, 2024
- Gen X travel consumers trail younger generations on those platforms
- Graph 55: influences on travel destination decisions – YouTube and social media, by generation, 2024
- Travel is a word-of-mouth industry
- Gen X is more interested in relaxing trips than adventures
- Graph 56: types of trips planned in the next 12 months, by generation, 2023
- Gen X’s kids are starting to influence their purchases
- Graph 57: categories where purchase decisions are influenced by a person’s children, Gen X, 2024
- From social media to Gen Z to Gen X
- How best to influence Gen X
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Competitive strategies
- Marketing and advertising
- CIBC offers retirement consultation
- Ghostbusters movies in 2024 are a clear tactic to reach Gen X
- Polaroid: what’s old is new again
- Targeting home improvement solutions at Gen X
- Belair Direct speaks to directly to Gen X parents
- Beauty and personal care brands can help Gen X with anti-aging routines
- Mintel Trend: The Body Beautiful
- Opportunities
- Pinpoint the unique aspects of Gen X’s lifestyles today
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Appendix
- Consumer research methodology
- Consumer research questions
- Consumer qualitative research
- Generations
- Abbreviations and terms
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