Gen X’ers Surpassing Boomers in Credit Card Use
Posted On August 16, 2012
In one of the first signs of the coming economic sunset of the Baby Boomers, Generation X has surpassed the Baby Boomers in few key indicators of credit card activity. According to Cardbeat, Xers now exceed Boomers in card use, balance transfers, and premium card ownership, among other key indices. While this transition was expected eventually, credit card industry observers are surprised it has come so soon.
In fact, observers say, card issuers have not completely understood how to market to and serve the Gen X cohort. It’s an issue that is “in-progress” for most of them. Industry experts are now looking at Gen Xers as a pilot group for innovative offerings such as mobile payments that are expected to be the key to the Millennial market.
The Gen X domination of the card market is not expected to last long. Industry insider Dr. Patricia A. Sahm, “Generation X’s reign at the top is likely to be short-lived, due to nothing other than demographic reality with a much larger generation of Millennials right behind them.”