Generation X Might Not Be a Bust After All - Homeownership and Furniture Expenditures
2017 by Jane Chero in General
This is the final factoid in a series of four factoids focusing on Generation X. Historically named the “Baby Bust Generation,” babies born between 1966 and 1981 are now 35 to 50 years old. Sandwiched between the Baby Boomers and Millennials, Generation X is often overlooked by media and marketers as a worthy target – instead focusing on upcoming Millennials and their future economic influence. Once considered too small in size to make an impact, Generation X is now almost 70 million strong and is the largest generation of consumers alive ages 21 to 65.
Homeownership: GenXers have followed the Baby Boomers in their love of homeownership but were temporarily stymied by the recession. Homeownership among all three GenX age is now well above 50 percent with 61.6 percent of 40 to 44 year olds owning a home and 68 percent of 45 to 49 year olds. With homeownership rates bouncing back, Generation X has dramatically increased furniture spending.
Furniture Expenditures: Last year saw a dramatic increase in furniture expenditures by GenXers according to the government’s Consumer Expenditure Survey. The heart of GenXers (ages 35 to 44) is spending the most on furniture of any consumer group averaging $672 annually. This survey reflects about 55 percent to 60 percent of furniture expenditures.
With the Baby Boomers aging out of prime buying years and the Millennials still pouring into adulthood, Generation X is the here now for the furniture industry. Industry leaders should keep their focus on this bread and butter generation that may just be the consumers that transition our industry toward real prosperity.