Table of Contents
- Scope and Themes
- What you need to know
- Consumer survey data
- Sampling
- Online surveys
- Greenfield Online
- Experian Simmons National Consumer Studies
- Advertising clips
- Abbreviations and terms
- Abbreviations
- Companies mentioned in this report:
- Executive Summary
- Industry overview
- Market size and forecast
- Competitive context
- Marketing channels
- Market drivers
- Advertising and promotion
- The Gen X consumer
- Cluster analysis
- Custom consumer groups
- Market Size and Forecast
- Key points
- Who are Gen X?
- Gen Xers are caught unprepared for financial crisis
- Figure 1: Financial products owned and value of holding for Gen X and
baby boomer households, 2007
- Figure 2: Financial products currently owned: Gen Xers indexed to total,
March 2009
- Figure 3: Median debt levels and ratio of debt payments to family income
for households by age in 2007 dollars
- Gen Xers aspire to greater ownership of financial products
- Figure 4: Financial products to be purchased in the near future: Gen
Xers indexed to total, March 2009
- Figure 5: Agreement with statement "it is important to be well-insured
when it comes to life insurance", by age, 2008
- Competitive Context
- Key points
- Financial services companies are beginning to reach out to Gen Xers
- However, financial services firms are still more focused on Boomers than
Gen X
- Figure 6: Direct mail, email, print campaigns mentioning "baby boom/baby
boomer" versus those mentioning "Generation X/Gen X", January 2007 to
February 2009
- Marketing Channels
- Key points
- The internet is displacing traditional media as an information source for
Gen X and Gen Y
- Figure 7: How the internet impacts getting product information and
shopping, by generation, 2008
- Figure 8: How internet has impacted use of other media, by generation,
2008
- Financial services companies are shifting their advertising more to
online media
- Figure 9: Advertising expenditures for financial services companies, 2008
- Gen Xers have strong opinions about what they want in a website
- Figure 10: Website attitudes, by generation, 2008
- Newspapers face dismal prospects
- Figure 11: Newspaper readership, by generation, 2006 versus 2009
- Marketers can still reach Gen X and Gen Y via TV
- Figure 12: Average number of hours spent per month watching TV/using
internet, by age, Q3 2008
- Direct mail can get through even to Gen Xers
- Market Drivers
- Key points
- Gen Xers are more diverse than previous generations
- Figure 13: US population estimates, December 2007
- Gen Xers are catching up to Baby Boomers in terms of size
- Figure 14: Forecast of population for generation x and baby boomers,
2010 to 2030
- Gen X may soon be pushed aside by Gen Y, the next generational bulge
- Figure 15: US population estimates, by generation, November 2008
- Advertising and Promotion
- Key points
- Freedom to spend and buy what you want now
- Figure 16: MasterCard "Priceless" TV ad, 2008
- Introducing an element of chaos
- Figure 17: Nationwide "Life comes at you fast" TV ad, 2008
- Tech-savvy ads
- Figure 18: E*Trade TV ad, 2008
- Figure 19: Chase credit card TV ad, 2008
- Starting to invest
- Figure 20: Schwab "Talk to Chuck" TV ad, 2008
- Breaking the rules
- Figure 21: Bank of America TV ad, 2008
- The Consumer
- Key points
- Gen Xers have a lot on their plate
- Figure 22: Primary financial concerns: Gen X indexed to total
population, March 2009
- Figure 23: Attitudes towards generational marketing, by age group, March
2009
- Gen Xers actually may be lagging their younger Gen Y counterparts in
savings
- Figure 24: Financial attitudes of Gen X and Gen Y, 2008
- Figure 25: Types of debt for Gen X and Gen Y, 2008
- Figure 26: Most important goal in next 10 years, Gen X and Gen Y, 2008
- Figure 27: Gen X and Gen Y perceptions of being behind schedule for key
life milestones, 2008
- Debt may put retirement for Gen Xers in jeopardy
- Gen Xers face lower living standards
- Figure 28: Perceptions of whether achieved the American dream, by
generation, 2008 and 2009
- Gen Xers admit lack of financial discipline
- Figure 29: Financial attitudes, by generation, 2008
- Gen Xers are the most vulnerable group when it comes to job loss
- Figure 30: Perceived impact of job loss, by generation, 2009
- Gen Xers are making financial adjustments in response to the economic
crisis
- Figure 31: Steps taken as a result of the economic crisis, by
generation, 2009
- Figure 32: Steps respondents plan to take, or have taken as a result of
economic crisis, by generation, 2009
- Gen Xers express greater optimism about their own financial outlook
- Figure 33: Economic outlook: Gen X indexed to total, 2008
- Gen Xers are stressed about finances
- Figure 34: Financial attitudes: Gen X indexed to total population, March
2009
- Gen Xers are paying down debt
- Figure 35: Changes in financial behavior as a result of economic crisis,
by age group, May 2009
- Figure 36: How would spend stimulus check: Gen X indexed to total
population, March 2009
- Figure 37: How stimulus check was spent in 2008: Gen X indexed to total
population, March 2009
- Financial institutions need to win back trust
- Figure 38: Level of trust in U.S. financial system, by generation, 2009
- Bank stability is important but still not as important as convenient
location
- Figure 39: Reasons for bank choice: Gen X indexed to total population,
March 2009
- Gen Xers switch banks to get better online services
- Figure 40: Incidence of switching primary banks in the past 12 months,
by age, March 2009
- Figure 41: Reasons for switching primary bank in the past 12 months: Gen
X indexed to total population, March 2009
- Only a minority of Gen Xers consult with a financial professional
- Figure 42: Major sources of financial advice for Gen X and Gen Y, 2008
- Appendix: Trade Associations
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