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November 12, 2008

How to appeal to Gen X shoppers in a down economy

Is your product or service something that the Gen X consumer wants or needs? Are you NOT a big, well-known brand? Are you priced competitively? Congratulations! Today’s economy could mean more Gen X shoppers are seeking you out.

Many Gen Xers (people born between 1965 and 1981) are saddled with college and credit card debt, and the high housing costs associated with subprime mortgages are even more bad news for their financial situations, so they’re on the lookout for bargains whenever they buy. A study by Reach Advisors says Gen Xers love to brag about bargains and they don’t have any problem shopping discount stores. Target’s “cheap chic” brand was built for these bargain-hunting, but style-conscious shoppers.

Some of the well-known characteristics of this demographic group, such as distrust of corporate America and being tech-savvy, make them very scrutinizing shoppers. Their online comfort level means they’ll research a purchase to find the best deal and they look for the usually better-priced lesser-know brands.

This is good news for you. Advertising messages that acknowledge and compliment these shoppers on their desire to find value will be right on target. Demonstrate how your product or service delivers quality at a good price, and these shoppers won’t care that you aren’t a big brand. In fact, they love to “discover” a brand — be the first among their circle to find it. Especially in today’s economic environment, they don’t believe that big is always better.