Unveiling the Power of Representation & Collaboration: Jaw-dropping Insights to Kickstart Your Week

Only 13% of Gen X feel represented in social advertising

A mere 13% of Gen X consumers (individuals born from 1965 to 1981) feel acknowledged in the social advertisements they encounter, leaving the vast majority feeling overlooked and underrepresented.

Despite making up almost a third of TikTok's user base, Generation X only receives 5% of the total brand spend on the platform. According to a study conducted by Wavemaker, the majority (92%) of Gen X individuals use social media on a daily basis.

This underrepresentation is not limited to social media alone. Despite comprising 31% of the global population, Gen X is only included in 4% of the ad industry's research on different generations. Additionally, TV ads typically feature characters over 50-years-old in only 24% of cases, while those aged 19 to 49 are featured in over three quarters (76%) of ads.

Given that Boomers are expected to transfer over $70 trillion of inherited wealth to Gen X, brands should reconsider their strategies considering that this generation is projected to be the wealthiest in history.

UK consumers rack up £1.57bn in ‘buy now, pay later’ debt in August

Online consumer spending in the UK amounted to £9.43bn in August, decreasing by 3.5% compared to July's £9.75bn. This suggests a rebound in consumer confidence following a slow start to the year. Online spending has remained in line with 2022 levels since May.

However, an increasing portion of this spending has been made through 'buy now, pay later' (BNPL) schemes, which are gaining popularity among consumers. UK consumers have spent a combined £10.6bn with BNPL since the beginning of the year, accounting for 16.4% of total expenditure, up from 12.3% during the same period last year.

Additionally, consumers' need for emotional attachment when making shopping choices is growing in importance. The demand for "best loyalty cards" in online searches has surged by 61% since 2022, according to the Adobe Digital Economy Index.

Just 22% of CMO-CFO relationships are collaborative

Only a minority of CMOs (22%) report having a truly collaborative partnership with CFOs, as found in recent research conducted by the CMO Council and KPMG. The survey revealed that a quarter of marketing leaders (26%) perceive their relationship with finance as "indifferent," while a small fraction (7%) consider it to be outright "hesitant".

The report examines the obstacles hindering collaboration between marketing and finance, while also emphasizing the advantages of successful collaboration.

Although there is no easy solution, the report emphasizes the critical importance of shared ownership of customer data. Unfortunately, only 18% of marketing leaders firmly believe that both finance and marketing possess equal access to the customer data and transactional information required for informed marketing decision-making. This disparity makes achieving joint ownership a significant challenge.

Source: CMO Council

Most consumers want to see different body types in ads but it doesn’t affect buying decision

According to research by GLAMI, a European fashion platform, the preference for diversity of body types in advertising does not significantly affect consumers' shopping decisions. The study found that 76% of consumers prefer to see a range of body types represented in advertisements. However, only 15% of men and 10% of women believe that it is the responsibility of shops to showcase various body types, as they consider it purely a business decision. When asked whether they prioritize brands promoting body acceptance when purchasing fashion items, 57% of respondents stated that their primary focus is finding clothes that fit them well, regardless of the representation of body type.

Furthermore, approximately 44% of women express that the fashion industry perpetuates unattainable ideals, compared to only 33% of men who share this belief. Likewise, a significant portion of women (45%) perceive beauty standards as unrealistic for their gender, whereas only 21% of men hold this view.

Mortgage holders are 20% less confident in their finances than last year

Data from Kantar Media reveals that living circumstances are a stronger indicator of consumer group alignment than age. This finding has important implications for marketers seeking to go beyond general demographics in order to inform their marketing strategies.

Data indicates that there are similarities between young adults aged 21 to 26 who live at home and those who fully own their homes, in terms of their spending habits. Interestingly, these similarities are often greater than those between individuals with mortgages. The recent increases in interest rates have significantly impacted the perceptions of mortgage renewers regarding their financial capability. As a result, only 47% of this group are content with their current financial situation, which marks a substantial decline of nearly 20% within the past year.

This highlights the importance of adopting a more thoughtful approach when trying to connect with consumers, especially given the prevailing focus on return on investment (ROI) among marketers. It is crucial to recognize that even though individuals may appear similar on paper, there is no one-size-fits-all solution to effectively reaching them.

Source: Kantar Media