Generation X will spend $15.2 trillion (about £11.28 trillion) globally this year, surpassing Baby Boomers' $13.5 trillion (£10.02 trillion) and edging above Millennials' projected $14.7 trillion (£10.91 trillion). Parcelhero warns the shift will alter retail patterns on the High Street and online and influence wider society. In the UK about 13.7 million Gen Xers comprise roughly 20% of the population and represent the biggest earners and highest tax contributors. Many Boomers benefited from rising house and pension values and are increasingly retired. Gen Xers have often been overlooked by retailers focused on Boomers or Millennials, yet their preferences are set to shape future retail trends.
New figures revealed by the consumer researchers NeilsonIQ show Gen X consumers will spend $15.2 trillion (around £11.28 trillion) this year worldwide, eclipsing the Baby Boomers' $13.5 trillion (£10.02 trillion). In fact, Baby Boomers are also likely to be outspent by Millennials (people born between 1981 and 1996) this year. Millennials' spending could reach $14.7 trillion (£10.91 trillion), knocking Boomers into third place.
'There are approximately 13.7 million people in the UK who belong to Generation X, making up about 20% of the total population. Gen X are now the biggest earners and highest contributors of tax, despite being a smaller cohort than the 14.1 million millennials. Despite this, Gen Xers have often been overlooked by retailers and marketers using traditional advertising approaches aimed at Boomers and digital marketing focused around millennials.
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