Gold industry should target Generation X

Those born between 1965 and 1976 are spending more than their parents on jewellery and should be targeted by the gold industry, new research has claimed.

The figures, released by US market research firm Unity, suggest that the so-called Generation X spent an average of $3,000 more than their baby-boomer parents on luxury items during 2005.

As a result Unity has called for luxury goods to be targeted at the younger market, which will today be those aged between 31 and 42.

"After years of catering to the Boomers' luxury appetites, luxury goods marketers need to tap the tremendous spending potential of Generation X-ers," Unity marketing president Pam Danziger said.

"Because they are younger and more recently affluent, they are acquiring luxuries for the first time that Boomers already have and own."

These luxuries, as well as jewellery, include beauty and fashion accessories as well as home products like electronics, furniture and art, Unity said.