[eMarketer] Pandemic reshapes gen X spending
Generation X, commonly referred as Gen Xers have been known for above average income, household and spend with technology shaping a big part of their spending patterns.
According to the US Bureau of Labor Statistics, households owned by Xers spent $76,788 in expenditure in 2019, compared to $63,036 for total households with this category recording an above the average spending in the majority of key categories as quoted by eMarketer.
As it is to be expected, the outbreak of COVID-19 pandemic has seen a cut in spending, with 53 per cent of Xers aged between 40 and 55 years indicating they had reduced overall spending.
A TransUnion and Qualtrics October survey showed that 51 per cent of Xers had cut back on discretionary spending compared to 9 per cent who indicated they had increased the outlays.
Other surveys shows the generation reducing their spending on holiday shopping and gifts.
They have now shifted to bargains with majority indicating they are ready to try a new brand if it offered a discount or coupon while others used online and offline resources to compare prices before spending.