A recent survey on consumer trends shows that male shoppers between the ages of 25-39, who are identified as the â€œXoomerâ€ generation, are creating a significant impact on the retail market place.
The survey commissioned by men's magazine GQ through an online questionnaire compared the spending habits of the Xoomers (pronounced â€œZoomersâ€) with their predecessors, the Baby Boomers, who range from ages 40 to 59. The results showed that todayâ€™s male savvy shoppers spend 19 percent more on all product categories.
â€œOur research shows that marketers have tremendous incentive to throw away the stereotypes about the Xoomer generation and recognize their strong purchasing power and an increasing appetite for luxury goods,â€ says Peter King Hunsinger, vice president and publisher of GQ.
The study showed that the men of Generation X are 15 percent more likely than Boomers to pay a premium for luxury goods and 68 percent more likely than Boomers to increase luxury spending over the next 10 years. Boomers are also more likely to shape broad consumer patterns.
In contrast, the Boomers look for value versus pure impulse buying. The study found Boomers to be 33 percent more likely to buy based on how durable the product is and 29 percent more likely to buy based on how functional the product is.
According to the report, Boomers are downsizing their lives while Xoomers have reached their peak earning years and are not faced by the same financial responsibilities that Boomers have. These expenses include college tuition for children, retirement funds, and health care. As the Xoomers do not have these obligations, they are 37 percent more
likely than Boomers to spend a majority of income on themselves.
GQ commissioned independent market research firm Twentysomething Inc., to conduct the 23 min online closed-end questionnaire.