The UK-based agency revealed in an online webinar that most brands focus too much on younger generations, even though Gen X and baby boomers are potentially better options.
“What we want you to understand is that if you're obsessed with Gen Z right now, like most brand advertisers and people on the internet, you're not looking at their parents, Gen X. “It might be more interesting to focus on it,” said Dan Hastings, Foresight's deputy editor. Future Research Institute.
“If you're into Generation Alpha, it might be more interesting to look back at their grandparents, the Boomers,” he says.
The Institute for the Future states that, according to the United Nations, people aged 65 and over are the fastest growing age group, and this number is expected to outstrip those aged 15 to 24 by 2050. Masu.
“Some people will live to be well over 100 years old,” Hastings continued. “They're entering their later years with a new mindset. They're not old anymore, they're growing old. It's time for retirement. It's a successful second act.”
He noted that the population aged 65 and over is expected to double over the next 30 years, and this will come with many challenges.
“It starts with finding resources that meet their needs,” he explained.
But he also called attention to the issue of “consumer costs” and how younger generations have a negative view of older generations, especially boomers, who they perceive as having destroyed the planet. , pointed out that this attitude was “having a negative impact.” The generational gap will get even worse.”
Hastings pointed to a study conducted by the organization that found that 62% of Gen Z consumers questioned gave a harsh judgment and had “no positive opinion of baby boomers at all.” No,” he said.
Spotlight on Generation X
Meanwhile, Generation X, those born between 1965 and 1980, were also given more airtime in the Future Research Institute study. The agency said this generation “currently makes up 31% of the world's population but is still considered the forgotten generation.”
Hastings pointed out that they are “completely invisible in the media and advertising, and in reality they are just overlooked.” He believed they were the “forgotten generation” when it came to marketers.
“Gen
He highlighted the agency's research that showed Gen And they should not be overlooked.”
“Gen Xers have the highest average income rates and highest average annual expenses of all generations, according to U.S. Department of Labor statistics, so perhaps they should no longer be ignored,” he continued.
Hastings also revealed that while this generation is incredibly loyal to brands, they don't accept things at face value and are therefore highly skeptical. “What's interesting is that if you convince them and turn them into happy customers, they become very loyal. They won't go anywhere else,” he said.
Gen X consumers are the “loyal linchpin”
Hastings noted that Gen
“So if you are a brand looking to target Gen X, you really need to consider these points,” he advised. “For example, for Gen ”
He also emphasized that they are “completely changing what it means to be midlife.”
In fact, several new brands are being launched that target Gen X consumers and the life changes they are facing. One example is Made of More, a disruptive UK-based skincare brand that puts a new spin on skincare for menopausal women.
Innovation is certainly on an upward trajectory in areas that may target older consumers, such as menopause, hair loss, longevity, and other previously ignored subcategories.
The emphasis on neglected Gen X consumers was echoed by Nick Vauth, co-founder of London-based creative agency Free the Birds.
Vauss, who works with many beauty brands, says many “traditional” brands are better off staying connected to the people who brought them success in the first place, even though Gen Z He pointed out that they are in a hurry to please the market. Often Generation X or Boomers.
“Too many brands today are too quick to make changes aimed at appealing to younger audiences, but the Gen Z effect can be dangerous,” he shared.
“Luxury brands like this should rely on the growing purchasing power of Gen Xers, who have higher disposable incomes than younger generations,” he continued. “Celebrity brands such as Estée Lauder and MAC will speak to Gen
He also pointed out that from a creative perspective, “If you can't define the brand itself, sales will decline,” adding, “A clear brand identity is important.”
Vaus advised starting by researching your brand enthusiasts and understanding what resonates with them and what keeps them coming back.
“Brands must continue to uphold the traditions that have made them well-known,” he advised. “This tradition is often the key to conveying the core values and benefits that put them on the map in the first place. This must not be abandoned.”
