What Generation X Wants
The Generation X (ages 34-54) consumer’s habits have been tough to pin down. A generation at ease with the pre-Internet era yet comfortable in the Internet age, their habits are a blend of the old and new.
The typical Gen X consumer is discerning, having been brought up by a generation that emphasised financial responsibility, yet has reached the stage of the life cycle where extravagant expenditure is both financially possible and is also supported by peer pressure. This leads to a tension between responsibility and luxury expenditure.
With information garnered from a comprehensive Brand Alliance survey in the first half of 2014, Influential Brands has a better idea of the forces driving the Gen X consumer’s habits.
The Gen X consumer is concerned with health issues, partially due to their parents’ generation entering their golden ages. The frailty of life is an issue that is constantly on their mind, and they recognise the need to address it.
Insurance companies such as Prudential, Great Eastern, NTUC Income and Aviva are the premium brands to trust, ranking at the top of the survey. The expenditure on insurance coverage is seen as responsible expenditure, with functional aspects such as coverage and claim procedures prioritised over prices.
With property being the largest financial investment the typical Gen X consumer will make in his life, the Gen X consumer is extremely particular about expenditure in this area. They utilise personal networks, online forums, and other avenues of information in order to make the most informed decision.
Although there has been an influx of foreign developers in Singapore, the most trusted brands are Capitaland, City Development, and Far East Organization. These brands, being mainstays of the Singapore property scene, have proven themselves over time, building strong reputations that the average Gen X consumer trusts.
Gen X consumers pamper themselves once in a while. Travel is an extravagance that has became accessible to them, due to the incidental factors of their rising income levels and lowered flight prices due to competition.
Recognized as a luxury expenditure, Gen X consumers are as concerned about flight timings and in-flight experiences as they are about prices – they are willing to spend that bit more to secure far better experiences. With an eye always on the financial outlay, Gen X consumers find that perfect balance between expenses and good experiences.
Singapore Airlines, Cathay Pacific, and Qantas Airlines are Gen X’s preferred full service airlines, while Scoot and Jetstar are the preferred budget airlines. These airlines have the right balance of cost and quality, ensuring that consumers get the best for their dollar.
About Influential Brands
Influential Brands is a consumer-based insight Awards program which recognizes and celebrates Singaporean and regional brands who have achieved a high level of influence and impact on the consumer.
Influential Brands recognizes the Gen X consumer’s needs and wants, seeking brands that embody the desired quality and cost efficiency. The discerning Gen X consumer appreciates Influential Brands’ recognition that his needs and wants vary depending on both his lifestyle and the activity he is undertaking.
The program provides rich exposure for Top Influential Brands through targeted campaigns, simultaneously helping brands reach out to consumers and increasing consumer awareness of Top Brands’ achievements.
For more information, refer to the Influential Brands website.
This post was brought to you by Influential Brands.